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PAN AFRICAN RESOURCES PLC - Evander Mines Solar Photovoltaic Plant Update

Release Date: 15/12/2020 09:00
Code(s): PAN     PDF:  
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Evander Mines Solar Photovoltaic Plant Update

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
ADR ticker code: PAFRY
(Pan African or the Company or the Group)


EVANDER MINES SOLAR PHOTOVOLTAIC PLANT UPDATE


Pan African is pleased to announce that it has entered into an engineering, procurement and
construction agreement with juwi South Africa to construct its 9.975MW solar photovoltaic plant at
Evander Mines (“Evander Mines solar photovoltaic plant”). Construction will commence in the first
quarter of 2021, with first power expected in the third calendar quarter of 2021.

Part of the international juwi Group, juwi South Africa is one of the world’s leading renewable energy
companies. To date, juwi South Africa has built six utility scale solar plants totalling 207 MW under
the South African Government's Renewable Energy Independent Power Producers Programme
(REIPPP). The juwi Group, headquartered in Germany, and its international subsidiaries has
completed over 1700 solar plants globally with a cumulative power of more than 3,000 megawatts.

The Evander Mines solar photovoltaic plant will utilise bi-facial module technology to maximise its
yield and it will be constructed on previously disturbed land owned by Evander Mines. The Evander
Mines solar photovoltaic plant will provide an estimated 30% of Elikhulu’s power requirement during
daylight hours and is expected to materially reduce electricity costs at this operation. Furthermore,
the Evander solar photovoltaic plant is expected to enhance the reliability of the power supply during
daylight hours and result in an expected CO2 saving of more than 26,000 tons in its first year of its
operation.

The total cost of the Evander solar photovoltaic plant is ZAR140 million, with a calculated payback
on this investment of less than 5 years.

This solar photovoltaic plant further reduces Elikhulu’s environmental impact and is just one of a
number of initiatives in the Group’s commitment to producing high-margin ounces in a safe and
efficient manner, while investing in local communities and minimising the environmental impact of
operations.

Pan African is also assessing the merits of expanding the Evander Mines solar photovoltaic plant in
due course to provide for a clean energy feed to its Egoli Project, and of a similar solar photovoltaic
plant at the Group’s Barberton Mines.


“The Evander Mines solar photovoltaic plant is integral to the Group’s purpose of “Mining for a
Future” and pursuing ESG initiatives that go beyond compliance. This plant will be one of the first of
its kind in the South African mining space. We look forward to commissioning the operation during
2021, on budget and on schedule.” - Cobus Loots.
The information contained in this update is the responsibility of the Pan African board of directors
and has not been reviewed or reported on by the Group’s external auditors.

Rosebank

15 December 2020

Certain information communicated in this announcement was, prior to its publication, inside
information for the purposes of Article 7 of Regulation 596/2014.

For further information on Pan African and its ESG initiatives, please visit the Company's website at
www.panafricanresources.com



 Contact information

 Corporate Office                                               Registered Office

 The Firs Office Building                                       Suite 31

 2nd Floor, Office 204                                          Second Floor

 Cnr. Cradock and Biermann Avenues                              107 Cheapside

 Rosebank, Johannesburg                                         London

 South Africa                                                   EC2V 6DN

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

 info@paf.co.za                                                 Office: + 44 (0)20 7796 8644

 Cobus Loots                                                    Deon Louw

 Pan African Resources PLC                                      Pan African Resources PLC

 Chief Executive Officer                                        Financial Director

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

 Phil Dexter/Jane Kirton                                        Ross Allister/David McKeown

 St James's Corporate Services Limited                          Peel Hunt LLP

 Company Secretary                                              Nominated Adviser and Joint Broker

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

 Ciska Kloppers                                                 Thomas Rider/Neil Elliot

 Questco Corporate Advisory Proprietary Limited                 BMO Capital Markets Limited

 JSE Sponsor                                                    Joint Broker

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

 Hethen Hira                                                    Website: www.panafricanresources.com
 Pan African Resources PLC

 Head: Investor Relations
 Tel: + 27 (0)11 243 2900
 E-mail: hhira@paf.co.za

Date: 15-12-2020 09:00:00
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