New revolving credit facility becomes effective Pan African Resources PLC ("Pan African" or “the Company" or “the Group”) (Incorporated and registered in England and Wales under the UK Companies Act 2006 with registration number 3937466 on 25 February 2000) Share code on AIM: PAF Share code on JSE: PAN ISIN: GB0004300496 ADR ticker code: PAFRY NEW REVOLVING CREDIT FACILITY BECOMES EFFECTIVE Pan African is pleased to advise shareholders that the Group’s new ZAR 1 billion (One billion Rand) revolving credit facility became effective on 25 November 2021 (“New RCF”). The New RCF consolidates the previous revolving credit facility (“Previous RCF”), which expires in June 2022, and the existing Elikhulu term loan (“Term Loan”). The New RCF is provided by Rand Merchant Bank and Nedbank, has a three-year term and bears interest at a reduced margin of 275 basis points over the applicable JIBAR rate, compared to the 380 and 330 basis points over JIBAR, applicable to the Term Loan and Previous RCF, respectively. The available capacity on the New RCF reduces to ZAR 850 million and ZAR 700 million on 31 December 2022 and 31 December 2023, respectively, with a final maturity date of 30 June 2024. The New RCF’s covenant compliance is measured semi-annually for a rolling 12-month period, as follows: • Debt service cover ratio must be greater than 1.3 times; • Interest cover ratio must be greater than 4 times; • Net debt to equity ratio must be less than 1:1; and • Net debt to EBITDA ratio must be less than 2:1. Pan African’s Chief Executive Officer, Cobus Loots, commented: “Even though the Group expects to be materially debt-free during the next year, the New RCF provides the Group with access to a flexible and cost effective facility over the next three years, should it be required for growth or contingency purposes.” Rosebank 30 November 2021 For further information on Pan African, 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/Nick Macann 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: 30-11-2021 08:57:00 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.