The Group’s strategic and growth plans inform a considered evaluation of all its operations and projects. During this process, Mineral Resources and targets are measured against the strategic plan and developed, where feasible, to deliver into the plan.

AIM OF THIS REPORT

The Pan African Resources (Pan African or the Company or the Group) Mineral Resources and Mineral Reserves report 2023 conforms to the standards determined by the South African Code for Reporting of Mineral Resources and Mineral Reserves (SAMREC Code, 2016 edition) and reports the Group’s position on Mineral Resources and Mineral Reserves at 30 June 2023.

This report accompanies Pan African’s integrated annual report, including the annual financial statements for the year ended 30 June 2023, and must be read in conjunction with the entire reporting suite of documents. The entire suite of documents is available on our website.

The Mineral Resources component in this report is reported inclusive of Mineral Reserves, unless otherwise stated. Information in this report is presented by operation, mine or project on an attributable basis. Rounding of numbers in this document may result in minor computational discrepancies.

HEADLINE NUMBERS – GROUP OVERVIEW

The estimated Mineral Resources and Mineral Reserves for the Group are reported according to the guidelines of the SAMREC Code. Estimated Mineral Resources and Mineral Reserves exclude any Exploration Targets, for which no Mineral Resources have been reported, and represent the attributable constituent for Pan African. All estimated Mineral Resources include that portion of the Mineral Resources that was converted to Mineral Reserves by applying modifying factors and a mine plan to the economical blocks. Pan African’s attributable gold Mineral Resources and Mineral Reserves at 30 June 2023 are tabled below. Mineral Reserves are reported inclusive of diluting and contaminating material delivered to the respective metallurgical plant for beneficiation and treatment.