investor presentation | august 2020...overview of presentation • company information • operating...

INVESTOR PRESENTATION | AUGUST 2020

2

DISCLAIMER The name 'Presenter' refers to Pan African Resources PLC and its advisors, subsidiaries or affiliated companies.

This presentation has not been filed, lodged, registered or approved in any jurisdiction and recipients of this document should keep themselves informed of and comply with and observe all applicablelegal and regulatory requirements.

Statements or assumptions in this presentation as to future matters may prove to be incorrect. The Presenter makes no representation or warranty as to the accuracy of such statements orassumptions. Circumstances may change and the contents of this presentation may become outdated as a result, and the Presenter has no obligation to update the presentation or correct anyinaccuracies or omissions in this presentation.

This presentation may not be reproduced in whole or in part, nor may any of its contents be divulged to any third party without the prior consent in writing of the Presenter.

The recipient acknowledges that neither it nor the Presenter intends that the Presenter act or be responsible as a fiduciary to the recipient, its management, stockholders, creditors or any other person.Each of the recipient and the Presenter, by accepting and providing this presentation respectively, expressly disclaims any fiduciary relationship and agrees that the recipient is responsible for makingits own independent judgments with respect to any transaction and any other matters regarding this presentation.

Furthermore, the information contained in this presentation may also qualify as “inside information” as defined in the Financial Markets Act (Act No. 19 of 2012) (‘FMA’). In terms of the FMAit is a criminal offence for a person who knows that he or she has inside information to:• deal directly or indirectly or through an agent for his or her own account, or for the account of another person, in listed securities to which the inside information relates;• disclose the inside information to another other than in the proper course of a person’s employment, profession or duties; and• encourage or cause another person to deal or discourage or stop another person from dealing in the listed securities to which the inside information relates.

The Presenter shall not have any liability for any loss suffered due to reliance being placed on this presentation the information contained herein or the oral presentations referred to. This presentation isfor informational purposes only and is not intended to provide legal, tax, financial, investment or other advice. You must make your own examination of the tax, legal, financial and other consequencesof this proposal and you should not treat the contents of this presentation as advice in relation to any such matters. If you are in any doubt as to what action you should take, you are recommended toseek your own advice from your stockbroker, bank manager, solicitor, accountant, fund manager or other appropriate independent financial adviser duly authorised under the Financial Services andMarkets Act 2000 and who is qualified and experienced to advise on such matters if you are in the UK, or from another appropriately authorised independent financial adviser if you are in a territoryoutside the UK.

Furthermore, the information contained in this presentation may also qualify as “inside information” as defined in the Market Abuse Regulation (“MAR”). It is a breach of MAR where a person possessesinside information and:• uses that information by acquiring or disposing of, for its own account or for the account of a third party, directly or indirectly, financial instruments to which that information relates; or• discloses that information to any other person, except where the disclosure is made in the normal exercise of an employment, a profession or duties.

This presentation is for information purposes only and does not constitute an offer or invitation to subscribe for or purchase any securities, and neither this presentation nor anything contained thereinnor the fact of its distribution shall form the basis or be relied on in connection with or act as any inducement to enter into any contract or commitment whatsoever.

Some or all of the information contained in these slides and this presentation (and any other information which may be provided) may be inside information relating to the securities of the Presenterwithin the meaning of the Criminal Justice Act 1993 and the Market Abuse Regulation (EU/596/2014) (“MAR”). Recipients of this information shall not disclose any of this information to another personor use this information or any other information to deal, or to recommend or induce another person to deal in the securities of the Presenter (or attempt to do so). Recipients of this information shallensure that they comply or any person to whom they disclose any of this information complies with this paragraph and also with MAR. The term “deal” is to be construed in accordance with the CriminalJustice Act 1993 and with MAR. Recipients of these slides and the presentation should not therefore deal in any way in ordinary shares in the capital of the Presenter (“Ordinary Shares”) until the dateof a formal announcement by the Presenter in connection with the preliminary results of the Presenter for the six months ended 31 December 2019. Dealing in Ordinary Shares in advance of this datemay result in civil and/or criminal liability.

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FORWARD LOOKING STATEMENTSStatements in this presentation that address exploration activities, mining potential and future plans and objectives of Pan African Resources are forward-looking statements and forward-lookinginformation that involve various risks, assumptions and uncertainties and are not statements of fact.

The directors and management of Pan African Resources believe that the expectations expressed in such forward-looking statements or forward-looking information are based on reasonableassumptions, expectations, estimates and projections. However, these statements should not be construed as being guarantees or warranties (whether expressed or implied) of futureperformance.

There can be no assurance that such statements will prove to be accurate and actual values, results and future events could differ materially from those anticipated in these statements.Important factors that could cause actual results to differ materially from statements expressed in this presentation include among others, the actual results of exploration activities, technicalanalysis, the lack of availability to Pan African Resources of necessary capital on acceptable terms, general economic, business and financial market conditions, political risks, industry trends,competition, changes in government regulations, delays in obtaining governmental approvals, interest rate fluctuations, currency fluctuations, changes in business strategy or development plansand other risks.

Although Pan African Resources has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be asanticipated, estimated or intended. Pan African Resources is not obliged to publicly update any forward-looking statements included in this presentation, or revise any changes in events,conditions or circumstances on which any such statements are based, occurring after the publication date of this presentation, other than as required by regulation.

SAFE, HIGH-MARGIN AND LONG-LIFE SOUTH AFRICAN-FOCUSED GOLD PRODUCER

5

OVERVIEW OF PRESENTATION

• Company information

• Operating in South Africa

• Overview of our operations

• Key features - Financial

• Environmental, Social and Governance (ESG)

• Impact of COVID-19

• Asset optimisation

• Near-term organic growth – Egoli Project

• Where to next – FY21 and beyond

COMPANY INFORMATION

7

COMPANY INFORMATIONSHARE PRICE AND MARKET CAPITALISATION AS AT 7 AUGUST 2020

• JSE (PAN) ZAR 605cps

• AIM (PAF) GBP 27,3p

• 12 month change +290%

• ADR (PAFRY) 20:1 USD 7,11

• Market Capitalisation USD 768 m

• Shares Outstanding 2,235 m

• Treasury Shares 306 m

• Shares in market 1,929 m

• Cash USD 33,5 m

• Net Debt USD 62,5 m

MAJOR SHAREHOLDERS

• Allan Gray IM (SA) 28%

• PAR Gold (SA) 14%

• Ninety One (Investec) (SA) 6%

• Ruffer (UK) 5%

• PIC (SA) 5%

Source: Peel Hunt

50

75

100

125

150

175

200

08/19 09/19 10/19 11/19 12/19 01/20 02/20 03/20 04/20 05/20 06/20 07/20

Share price performance vs relevant indices Last 12 months

Pan African Resources AIM All Share AIM Basic Resources

S&P 500 Metals & Mining Philadelphia Index NYSE Gold Bugs

Pri

ce p

erfo

rma

nce

(reb

ase

d to

10

0)

8

COMPANY INFORMATION

Keith Spencer

Chairman

Appointed: 8 October 2007

Experience

Technical and operational

Risk management

Environmental and sustainability

Business and strategy

Leadership

Yvonne Themba

Non Executive Director

Appointed: 17 July 2019

Experience


Risk management

Governance and regulation



Leadership

Charles Needham


Appointed: 17 July 2019

Experience


Risk management




Leadership

Cobus Loots

Chief Executive Officer

Appointed: 26 August 2009

Experience


Finance and accounting


Leadership

Technology

Taxation

Deon Louw

Financial Director

Appointed: 1 March 2015

Experience


Risk management


Leadership

Technology

Taxation

Hester Hickey


Appointed: 12 April 2012

Experience


Risk management



Leadership

Taxation

Thabo Mosololi


Appointed: 9 December 2013

Experience




Leadership

BOARD AND EXECUTIVES

OPERATING IN SOUTH AFRICA

10

0 10 20 30 40 50 60 70 80 90

Tanzania*

Zambia*

Democratic Republic of Congo (DRC)*

Mali*

Zimbabwe*

Namibia*

Burkina Faso

Botswana*

South Africa

Guinea (Conakry)*

Fraser Institute Annual Survey of Mining Companies 2019Investment attractiveness index - Africa


SOUTH AFRICA RANKED 2ND FOR INVESTMENT ATTRACTIVENESS IN AFRICA IN 2019

*Between 5 and 9 responses

11


PAN AFRICAN RESOURCES HAS A LONG TRACK RECORD OF SUCCESSFULLY OPERATING IN SOUTH AFRICA

Electricity

• Reduced instances of supply disruptions, power grid stable

• Barberton and tailings operations – less exposed than deep-level miners

• Completed bankable feasibility study for 10MW solar plant at Evander – can be replicated at Barberton operations

Mining tenure

• Evander mining rights valid until 2038

• Submitted renewal application for Barberton mining rights - renewal in process

Security

• Integrated multifaceted security strategy plan for the group

• Modernisation of crime prevention security technology at all facilities

Stakeholder engagement

• Multi-facetted engagements with all stakeholders, including with our communities

• COVID-19 awareness and relief programmes for employees and communities

ESG

• Increased focus on rehabilitation and alternate land use

• Independent audits on environmental and legal compliance

OVERVIEW OF OUR OPERATIONS

13


KurumanTaung

Zeerust

Klerksdorp

Potchefstroom

Rustenburg

Johannesburg

Pretoria

Ermelo

Elikhulu

WitbankEvander Mines

Royal Sheba

Barberton Mines

Richards Bay

St. Lucia

Hluhuwe

Dolphin Cost

Pietermaritzburg

Lady Smith

Vryheli

BarbertonMiddelburg

Free State

Gauteng

KwaZulu-Natal

Mpumalanga

North West

A UNIQUE COMBINATION OF UNDERGROUND AND SURFACE MINING OPERATIONS

Operating assetsProduction

(oz/annum)

Reserve

Moz

(‘000

Tonnes)

Tonnes

(Mt)

Reserve

grade

(g/t)

AISC

(USD/oz)Status LOM

Barberton Mines (underground operations)

Profitable, long life, high-grade

operation comprising three

underground mines: Fairview,

Sheba and New Consort

c.80,0001.6

(50.1)9.2 6.3 c.1,150 Production 20yrs

Barberton Tailings Retreatment Plant

Gold tailings retreatment plant,

commenced construction in April

2012, was completed on schedule

and within budget, and achieved its

inaugural gold pour in June 2013

c.20,0000.6

(16.9)12.6 c.1.4 c.700 Production

3 to

9yrs

Elikhulu Tailings Retreatment Plant

USD120m tailings retreatment

project which exploits historically

generated gold tailings deposited

on Kinross, Leslie/Bracken and

Winkelhaak TSFs. Commenced

production in 2018

c.65,0001.5

(46.2)170.6 0.3 c.640 Production 12 yrs

8 Shaft Pillar (Evander)

Feasibility study completed to mine

the Evander 8 Shaft pillar and high

grade areas in proximity to the

pillar, first gold smelted in August

2019

c.30,0000.1

(3.2)0.4 c.9.0 c.1000 Production 3 yrs

Egoli

Standalone underground project

with low capital cost to use

Evander Mines’ established shaft

and metallurgical facilities

>70,0000.73

(22.7)3.4 c.6.6 c.777 Feasibility

9 to

14 yrs

14

0

50000

100000

150000

200000

250000

300000

2018 2019 2020 2021 2022 2023 2024 2025

Au Ounces Pan African Resources - Gold Production Profile Egoli

Elikhulu

Evander 8#Pillar

BTRP

Barberton


Actual Projected

179,457ozc. 190,000oz

STRONG PRODUCTION PROFILE

15

OVERVIEW OF OUR OPERATIONS INDUSTRY LEADING GROUP SAFETY PERFORMANCE

“Notwithstanding the fact that injury rates are well below industry average, we continuously strive to improve our safetyperformance and achieve our aim of zero harm to our employees” – Cobus Loots, CEOBarberton Mines achieved 3 million fatality free shifts during June 2020

4,01 3,96 4,05

1,77 1,692,08

1,61

0,62 0,530,85

4,675,22

4,44

3,60

0

1

2

3

4

5

6

H1 2016 H1 2017 H1 2018 H1 2019 H1 2020*

LTIFR RIFR Industry LTIFR

----

----

----

--R

ate

s p

er

mill

ion

man

ho

urs

---

----

-

*Industry rates not available yet

16


Source: Individual company websites and presentations

-

200

400

600

800

1 000

1 200

1 400

AISC

Average USD 987/oz

ALL-IN-SUSTAINING-COSTS

*Targeted FY21 AISC

*

KEY FEATURES – FINANCIAL

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KEY FEATURES-FINANCIAL

0,0

10,0

20,0

30,0

40,0

50,0

60,0

FY2016 FY2017 FY2018 FY2019

Adjusted EBITDA USD m

US

D’ m

illio

n

Source: PAR Annual Reports

EBITDA

19

KEY FEATURES - FINANCIALILLUSTRATIVE DE-GEARING – ASSUMING FORECAST ASSUMPTIONS ARE ACHIEVED

-

10 000

20 000

30 000

40 000

50 000

Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24

RCF- balance USD Elikhulu-outstanding balance USD

USD

’00

0

*Assumptions:• R730,000/kg gold price up to 30 June 2020 with a 5% annual escalation from 1 July 2020• Guided ounces• H1 FY20 actual costs with anticipated cost increases• Converted ZAR to USD at a rate of 1USD:14.08ZAR

Unhedged post Dec 2020

Senior debt repayment profile

-

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24

Forecasted repayment profile* Principle repayment profile

US

D’0

00

20

KEY FEATURES – FINANCIAL HISTORIC DIVIDEND YIELD – DIVIDENDS REINSTATED

0%

1%

2%

3%

4%

5%

6%

7%

June 14 June 15 June 16 June 17 June 18* June 19

PAR dividend yield 5,60% 6,30% 5,10% 5,00% 0,00% 1,00%

* Dividend suspended due to cessation of large-scale deep level underground mining at Evander 8 Shaft and construction of the Elikhulu Tailings Retreatment Plant

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)

22


Pan African Resources is committed to doing business, as guided by the group’s values and code of ethics.

We recognise that we are an integral part of the societies in which we operate, and are therefore obligated morally and legally, to act in accordance with what is good for our societies, the environment and the organisation.

Our employees, regulators and investors increasingly expect us to ensure that our business activities deliver sustainably whilst positively impacting on society, the economy and the environment.

23


COMMENCED CONSTRUCTION OF HEALTHCARE INFRASTRUCTURE PROJECT - BARBERTON MINES COMMUNITY - TO BE COMPLETED IN 2021

DONATED 4 MOBILE LIBRARIES AND IMPROVEMENTS TO SCHOOLS SURROUNDING EVANDER MINES

ONGOING INVESTMENT IN SKILLS AND DEVELOPMENT TRAINING OF EMPLOYEES

ONGOING INVESTMENT ON COMMUNITY BURSARIES7 LOCAL BURSARY STUDENTS IN SKILLED EMPLOYMENT AT BARBERTON IN 2020

ESG HIGHLIGHTS

SPENT USD0.9 MILLION ON REHABILITATION OF OLD SHAFTS AND INFRASTRUCTURE

ELIKHULU 10MW SOLAR PV PLANT- REDUCED CARBON

FOOTPRINT- ENSURES STABILITY

OF SUPPLY AND COST REDUCTION

BARBERTON BLUEBERRIES- EMPLOYMENT FOR

LOCAL COMMUNITIES

- OPTIMISE USE OF LAND AND WATER RESOURCES

TOTAL REHABILITATION TRUST FUND USD25.6 MILLION, CLOSURE LIABILITIES FULLY FUNDED

IMPACT OF COVID-19

25

IMPACT OF COVID-19

EFFECTS OF RESTRICTIONS DURING NATIONAL LOCKDOWN AND RESUMPTION OF FULL SCALE PRODUCTION• Timeline

• 23 March 2020: 21-Day Lockdown announced by SA government effective 27 March 2020

• All non-essential businesses and activities suspended, essential services at mines such as processing plants and care and maintenance allowed

• 30 March 2020: Group response to shareholders and suspension of FY2020 guidance

• Liquidity position is robust and carefully managed, with access to additional facilities for the longer term if required

• Group surface operations operating at 70% of normal capacity, limited underground mining at Barberton to feed BIOX® process plant

• 11 May 2020: New FY2020 Production guidance and update on Group debt reduction

• Annual production guidance revised down by only 5% to 176,000oz (from original 185,000oz)

• Group remained cashflow positive during the lockdown period, senior interest-bearing debt reduced by 23% relative to 31 December 2019

• Rollout of relief and assistance programmes for employees and host communities

• 1 June 2020: Lockdown at Level 4 – All mining operations can resume at 100% subject to strict compliance measures

• All underground employees recalled to work

26

IMPACT OF COVID-19 OPERATIONAL PREVENTION MEASURES AND COMMUNITY AND EMPLOYEE RELIEF INITIATIVES

PROACTIVELY MANAGING THE RISKS ASSOCIATED WITH THE PANDEMIC

BARBERTON OPERATIONS: FOOD AND HYGIENE HAMPERS TO FAMILIES IN HOST COMMUNITIES, PROVISION OF WATER TANKERS

FINANCIAL IMPACT: COST OF IMPLEMENTING PREVENTION MEASURES TO DATE: USD0,6M (ZAR8,8M)COMMUNITY INITIATIVES:USD0,3M (ZAR4,9M)

EVANDER OPERATIONS:FOOD AND HYGIENE HAMPERS TO FAMILIES IN HOST COMMUNITIES

ASSET OPTIMISATION

28

ASSET OPTIMISATIONGROWTH PORTFOLIO – ROBUST PROJECT PIPELINE

36.0Mz (335.8Mt @ 3.33g/t)

Tonnes (Mt) Grade (g/t) Gold (t) Gold (Moz)

Underground combined 110.4 9.35 1 032.1 33.2Surface combined 225.4 0.38 86.5 2.8Total 335.8 3.33 1 118.5 36.0

9%

57%

34%

Measured Indicated Inferred

Group Resources 10.9Moz (216.6Mt @ 1.57g/t)

Tonnes (Mt)

Grade (g/t)

Gold (t) Gold (Moz)

Underground combined 35.9 7.72 276.8 8.9Surface combined 180.7 0.35 63.0 2.0Total 216.6 1.57 339.8 10.9

13%

87%

Proved Probable

Group Reserves

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CONSORT OPERATIONS – LOM OF 6 YEARS• Extraction of Prince Consort (‘PC’) Shaft pillar

• PC Shaft pillar - Mineral Resource of 48,820t @ 25.54g/t for 40Koz

• Development to PC Shaft pillar completed in May 2020 – first target block with proved Mineral Reserve of 5,000 tons at av. grade of 25g/t

• Forecast production of ~3,900oz to 7,800oz per annum from PC shaft pillar at steady-state

• Life of project forecasted at 3 years

• Targeting all-in sustaining cost of ~USD1,200/oz

• Maximise Consort plant capacity

• Process additional surface source material at Consort plant to maximise plant capacity

• Exploration

• 36 exploration targets have been identified at New Consort and will be explored during the 3 years of PC Shaft pillar mining

Initial sampling revealed grades in excess of 300g/t , containing large amounts of visible gold

ASSET OPTIMISATION

30

SHEBA OPERATIONS – LOM OF 9 YEARS (19 YEARS INCLUDING ROYAL SHEBA)• Project Dibanisa

• Forecasted to be completed during FY21

• Optimised usage of infrastructure expected to reduce all-in sustaining cost - targeting ~USD1,000/oz

• Additional available shaft-time to assist with development and mining of Royal Sheba

• Sheba plant available for the processing of surface material and Royal Sheba uppers in the near future

• Royal Sheba Uppers

• Mining of Royal Sheba uppers identified to assist with increased production at Sheba Mine

• Process additional surface source material at Sheba plant to maximise plant capacity

• Exploration

• Embark on exploration exercise to identify possible new high-grade mining areas to mine

ASSET OPTIMISATION

Phase 2 Mining

Royal Sheba orebody and

historical workings

Phase 1 Mining

Royal Sheba Mineral Resources

Tonnes (Mt) Grade (g/t) Gold (t) Gold (Koz)

Phase 1 1.44 3.60 5.18 167

Phase 2 4.15 3.62 14.99 482

Total 5.58 3.61 20.17 649

NEAR-TERM ORGANIC GROWTH EGOLI PROJECT

32

NEAR-TERM ORGANIC GROWTH - EGOLI PROJECT HISTORY & BACKGROUND• Harmony Gold previously exploited Evander Mines’ No.7 Shaft

orebody, with development towards the Egoli orebody

> In 2009, due to economic constraints and capital re-prioritisation,

all development on Evander Mines’ shafts were halted, other than

the producing No.8 Shaft

> This resulted in the controlled flooding of No.7 Shaft’s 3 Decline

from 22 Level up to 18 Level

• PAR acquired Egoli as part of Evander Mines acquisition from

Harmony in May 2013, and directed the following:

Reserves and Resources*

28O55’E 29O00’E 29O05’E 29O10’E

0 4kmScale

26O35

’S26

O30

’S26

O25

’S

Evander 8Shaft (E8)

Evander 7Shaft (E7)

EGM Evander Gold Assets

Evander Gold Mining Operation

Evander Gold Underground Projects

Evander Gold Tailings Projects

Operational Shafts

Old shafts

Egoli Payshoot

> Internal project due diligence study in 2018

> Independent DRA feasibility study (FS) in 2019

> Review of DRA FS by The Mineral Corporation, measured

against SAMREC reporting standards

Egoli’s development will give rise to virgin underground production at a relatively low capital and operating cost, using established infrastructure

Egoli Mineral Reserve Statement as at 30 November 2019

Reserve Category Mt

Grade(g/t)

Tonnesgold

Ounces (Moz)

Proved 0.45 5.90 2.64 0.08

Probable 2.99 6.72 20.08 0.65

Total Reserve 3.44 6.61 22.72 0.73

Egoli Mineral Resource Statement as at 30 June 2019

Resource Category Mt Grade (g/t)

Tonnesgold

Ounces (Moz)

Measured 0.44 8.60 3.80 0.123

Indicated 2.94 9.85 28.93 0.930

Inferred 6.26 9.68 60.58 1,948

Total Resource 9.64 9.69 93.33 3.001

LOCATION

33

• Long-life, low cost brownfields asset, capitalising on established infrastructure

• Initial Life of Mine (LOM) of 9 years - annual gold production of approximately 72,000 ounces at an

average head grade of 6,61g/t - based on current Measured and Indicated (M&I) Resources only.

• Potential increase in LOM to 14 years by converting Inferred Resources into the M&I category

• Time to first gold : 20 months – steady state production in 16 months thereafter

• Low development risk – access requires 560 meters of underground development from existing No.3

Decline, utilising well established and proven mining methodology

• Experienced operational mining and management team in place

• Low geological risk – orebody models well understood from adjacent operations

• Significant geological and operational upside - Inferred Resources to be accessed as underground

development proceeds, with substantial increase in LOM

• ESG

• Rehabilitation liability fully funded

• Utilising existing TSF – no increase in environmental footprint

• Evander solar plant to contribute to cost savings and reduced emissions

• Existing mining licence – Evander mining right valid until 2038

HIGHLIGHTS

NEAR-TERM ORGANIC GROWTH - EGOLI PROJECT

34

FINANCIAL MATRIX

• Materially lower capital investment when benchmarked

against other development projects of similar scale

• Compelling and robust economic returns:

> Payback period from project inception – 3,8 years

> NPV10,71 - R2,010 million ($131,25 million)

> Project IRR (post tax) : 50,1%

• Economic assumptions:

> Gold price – R850 000/kg ~ (USD1650/oz)*

> Peak funding – R1,05 million ~ (USD66 million)

> Recovered grade – 5.21g/ton

> AISC (post tax) – R399,600/kg (USD777/oz)#

> LOM gold produced – 17,771 kg ~ (570,000 oz)

> ~1,200 employees

# As per DRA FS

*USD1=ZAR16.00

• The Egoli orebody is approximately 1,75 km in tramming distance from

No.7 Shaft

> No.7 Shaft is currently utilised for hoisting run-of-mine material from

No. 8 Shaft Pillar mining to the Kinross metallurgical plant

• Once dewatered, re-equipping will commence, followed by standard

footwall development, further deepening of the decline and on-reef

development

• Associated engineering infrastructure and underground mining equipment

to follow prior to commencement of mining and ore hoisting to plant


35

• Upgrades to:

• Change house and laundry

• Offices and workshop

• Refurbishment of:

• Ventilation fan

• Compressors

• Lamp room

• MV consumer substation

• Security, fencing and access control

Kinross Plant 7 Shaft Complex Access Roads

CAPITALISING ON EXISTING INFRASTRUCTURE


36

• Development plan

• Detailed project scheduling and planning – to be completed: Q1 FY21

• No.7 Shaft and Kinross Plant infrastructure:

• Dewatering to commence: Q1 FY21

• Preliminary refurbishment: Q1 FY21

• Placing orders for long-lead equipment: Q2 FY21

• Commence with underground equipping: Q3 FY21

• Financing Package:

• Non-dilutive funding options currently being explored – to be finalised: Q2 FY21

WAY FORWARD


WHERE TO NEXT – FY21 AND BEYOND

38

WHERE TO NEXT – FY21 AND BEYOND

• Continue to produce safely and sustainably into FY2021 group production guidance

• Increase focus on ESG project implementation

• Reduce group all-in sustaining costs

• Deleverage balance sheet and increase dividends

• Focus on asset optimization and organic growth

THANK YOU

www.panafricanresources.com

CONTACT US

Hethen Hira

Head: Investor Relations

[email protected]

+27 11 243 2900

JSE:PAN

AIM:PAF

ADR:PAFRY

mailto:[email protected]

investor presentation | august 2020...overview of presentation • company information • operating...

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