Pan African Operational update ahead of year ending 30 June 2026

Pan African Resources has declared record group gold production ahead of the financial year ending 30 June 2026 (FY26).

PRODUCTION HIGHLIGHTS

• Increased throughput and gold recoveries at MTR, an excellent production performance from Elikhulu together with improved mining grades and orebody accessibility at the Evander and Barberton Mines underground operations offset lower than anticipated ramp-up of production from Tennant Mines
• At Tennant Mines in Australia, blending of open pit ore sources with historic Crown Pillar Stockpile (CPS) material resulted in the head grade improving to ~1.5g/t (FY26H1: 1.3g/t). During the last quarter of FY26 the operation is expected to achieve annualised gold production of approximately 45,000oz
• Capital allocated to the Nobles plant for a fixed crusher circuit, secondary mill and a belt filter for dry stack tailings as well as mining of the White Devil deposit to improve future production, with forecast FY27 production guidance of between 48,000-52,000oz.

Surface operations

Production at MTR improved substantially in FY26H2. The previously reported calcine layer identified in the source material continues to impact both grade and recoveries. The operational plan, however, anticipates mining through the last of the calcine material during the FY27Q1 production period

• Production is expected to reach approximately 30,500oz for FY26H2, delivering an estimated production of ~52,000oz for FY26
• The Soweto Cluster definitive feasibility study (DFS) is on track for completion by June 2026, with the study focusing on the option of constructing a new tailings processing facility with a capacity of 600ktpm, adjacent to MTR, which would be a stand-alone operation producing approximately 30,000oz to 35,000oz per annum with a life-of-mine of 15 years

Environmental approvals and processing of water use licence applications are in progress. The Company is currently also in the process of identifying and concluding the required pipeline servitudes from the Soweto Cluster tailings storage facilities to the MTR plant site

• The study for the expansion of the MTR plant to include a separate circuit for the treatment of hard rock ore from local surface material is being finalised and could potentially further increase annual production from the MTR complex by 20,000oz to 30,000oz

Elikhulu production is estimated at approximately 27,000oz for FY26H2, with the operation on track for achieving gold production of more than 56,500oz for FY26 (FY25: 52,606 oz). This is the highest production rate at Elikhulu since FY20, when production reached 59,616oz.

The Barberton Tailings Retreatment Plant (BTRP) is expected to achieve production of approximately 5,500oz in FY26H2, with full year production of approximately 13,000oz (FY25: 15,224oz). The reduced production is in line with the mine plan:

• The addition of a flotation circuit to improve recoveries has been approved at a cost of ~US$5.9 million. The project is anticipated to be completed by the end of calendar year 2026. This will also enable the BTRP to treat refractory ore types in future
• The Group is further advancing its studies and designs for the installation of a crusher circuit at the BTRP to allow for the processing of hard rock from Royal Sheba

Tennant Mines is expected to produce approximately 18,500oz in FY26H2, a 19% increase in production from FY26H1 (15,560oz). Full-year production for FY26 is estimated at ~34,000oz:

• In FY26H2 engineering works were completed on both the ball mill and the filter presses at the Nobles plant, which enhanced throughput and improved efficiencies
• An increase in grade was achieved as the mining operations progressed from only treating CPS material in FY26H1 at 1.3g/t to processing a blend of this material with fresh ore from the Weaber’s Find, Rising Sun and Nobles open pits in FY26H2 at ~1.5g/t
• The Group is planning increased capital expenditure in FY27 at Tennant Mines to further enhance the Nobles plant efficiencies and increase throughput while also expediting mining at the large-scale White Devil open pit, which contains Indicated Mineral Resources of over 3Mt at 3.73g/t (378koz) in the current open pit envelope. The White Devil orebody remains open at depth and on strike
• The Group will also commence with the development of two large, shallow and high-grade underground sections at Juno (Indicated and Inferred Mineral Resource of 1.96Mt at 4.16g/t for 262koz) and Golden Forty (Indicated and Inferred Mineral Resource of 0.5Mt at 7.25g/t for 114koz), which together with White Devil, will underpin gold production at Tennant Mines over the next five years.

Underground operations

FY26H2 gold production at Evander Mines’ underground complex is estimated at 25,000oz, a 16% increase (FY26H1:21,640oz). Production of ~47,000oz is anticipated for the full year, representing a 68% increase year-on-year. The substantial increase in production is attributed to:

• Evander Mines’ 8 Shaft underground development reaching the high-grade 24 Level B-Raise line, resulting in the average recovered grade increasing to more than 11g/t in FY26 (from 6.8g/t in FY25). Additionally, development has advanced to the adjacent 24 Level A-Raise line with persistent high-grade mineralisation. These two Raise lines will continue to yield the bulk of the ore tonnage to be processed at Evander Mines in FY27
• Development on the 25 Level access haulage has commenced and is progressing according to plan
• Increased sourcing of third-party surface material treated through a dedicated circuit within Evander Mines’ Kinross metallurgical plant will yield circa 3,000oz gold (170,000t at 1.2g/t in FY26 (FY25: 34,411t at 1.1g/t)

Barberton Mines

• FY26H2 production of approximately 39,500oz is expected for the Barberton Mines underground operations (FY26H1: 32,774oz), with full year production of approximately 72,000oz (FY25: 68,550oz), an increase of 5%.

FY27 PRODUCTION GUIDANCE

Improved production contribution from Tennant Mines is expected following CIL plant infrastructure upgrades and accelerated access and development plans at the White Devil open-pit and shallow underground operations at Juno and Golden Forty deposits. Group production for FY27 is expected to be between 280,000oz and 302,000oz.