Pan African Resources PLC
(Incorporated and registered in England and Wales under the 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”)


MINTAILS SA TRANSACTION UPDATE

In November 2020, Pan African announced that the Company had entered into conditional sale of
shares agreements to acquire the share capital and associated shareholder loans and other claims of
Mogale Gold Proprietary Limited (“Mogale Gold”) and Mintails’ SA Soweto Cluster Proprietary Limited
(“MSC”) (together the “Mintails Transaction”). Both Mogale Gold and MSC are 100% owned by
Mintails SA, which was placed into provisional liquidation during 2018.

Pan African completed a definitive feasibility study on the Mogale Gold TSFs and announced the
results of this study on 30 June 2022. The results of the DFS demonstrated that the project has
compelling economics and significant production impact for the Group, equivalent to an increase in
excess of 25% of current annual production, and an initial life of mine of 13 years, with further upside.

The deadline for fulfilment of the remaining conditions to conclude the Mintails Transaction was
previously extended to 31 August 2022.

Pan African wishes to advise shareholders that the deadline for the fulfilment of the remaining
conditions precedent to conclude the Mintails Transaction has now been extended to 30 September
2022, to allow the Group sufficient opportunity to conclude the final aspects of its due diligence
investigation.

Cobus Loots, CEO of Pan African, commented: “We believe that Pan African will be in a position to
conclude the acquisition of Mogale Gold and MSC in the next month. Our studies and other additional
work has demonstrated a compelling opportunity to construct a world-class tailings retreatment
operation, and we look forward to updating the market further in due course”.



Rosebank

1 September 2022

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

www.panafricanresources.com

 Corporate information

 Corporate Office                                      Registered Office
 The Firs Office Building                              107 Cheapside, Second Floor
 2nd Floor, Office 204                                 London
 Cnr. Cradock and Biermann Avenues                     EC2V 6DN

                                                                                                       1
Rosebank, Johannesburg                           United Kingdom
South Africa                                     Office: + 44 (0)20 7796 8644
Office: + 27 (0)11 243 2900
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

Phil Dexter/Jane Kirton                          Ross Allister/Alexander Allen

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




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