Pan African Resources PLC

(Incorporated and registered in England
and Wales under the Companies Act 1985
with registered number 3937466 on 25    Pan African Resources Funding CompanyFebruary 2000)                          Limited

Share code on AIM: PAF                  Incorporated in the Republic of South
                                        Africa with limited liability
Share code on JSE: PAN
                                        Registration number: 2012/021237/06
ISIN: GB0004300496
                                        Alpha code: PARI
ADR ticker code: PAFRY

(`Pan African' or the `Company' or the
`Group')

 

Pan African announces successful commissioning of the Mogale Tailings Retreatment (MTR) operation

 

 

The MTR operation was successfully commissioned in early October 2024 with an inaugural gold pour at the plant's smelting facility. Ramp-up is in progress, with steady-state production and plant throughput of 800ktpm expected by December 2024. This US$135.1 million project was delivered under budget and ahead of schedule, with construction completed in only 14 months. During the construction phase, MTR employed over 1,600 workers on site and achieved completion of construction with zero lost-time injuries for the 1.5 million man hours worked.

 

Cobus Loots, Pan African's CEO, commented:

 

" Pan African has established an enviable track record in executing world-class tailings retreatment projects.

 

We are pleased to announce the successful commissioning of the MTR operation in October 2024, ahead of schedule and below budget. MTR is expected to supplement our current production profile by more than 50koz/yr at an AISC of approximately US$1,000/oz, with a life-of-mine of more than 20 years if we include reserves from our Soweto tailings cluster."

 

Johannesburg

31 October 2024

 

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

www.panafricanresources.com

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|Corporate information                                                      |
|___________________________________________________________________________|
|Corporate office                      |Registered office                   |
|                                      |                                    |
|The Firs Building                     |2nd Floor                           |
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|2nd Floor, Office 204                 |107 Cheapside                       |
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|Cnr. Cradock and Biermann Avenues     |London                              |
|                                      |                                    |
|Rosebank, Johannesburg                |EC2V 6DN                            |
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|South Africa                          |United Kingdom                      |
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|Office: + 27 (0)11 243 2900           |Office: + 44 (0)20 3869 0706        |
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|info@paf.co.za|info@paf.co.za                      |
|______________________________________|____________________________________|
|Chief executive officer               |Financial director and debt officer |
|                                      |                                    |
|Cobus Loots                           |Marileen Kok                        |
|                                      |                                    |
|Office: + 27 (0)11 243 2900           |Office: + 27 (0)11 243 2900         |
|______________________________________|____________________________________|
|Head: Investor relations              |                                    |
|                                      |                                    |
|Hethen Hira                           |Website: www.panafricanresources.com|
|Tel: + 27 (0)11 243 2900              |                                    |
|E-mail: hhira@paf.co.za               |                                    |
|______________________________________|____________________________________|
|Company secretary                     |Nominated adviser and joint broker  |
|                                      |                                    |
|Jane Kirton                           |Ross Allister/Georgia Langoulant    |
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|St James's Corporate Services Limited |Peel Hunt LLP                       |
|                                      |                                    |
|Office: + 44 (0)20 3869 0706          |Office: +44 (0)20 7418 8900         |
|______________________________________|____________________________________|
|JSE Sponsor and JSE debt sponsor      |Joint broker                        |
|                                      |                                    |
|Ciska Kloppers                        |Thomas Rider/Nick Macann            |
|                                      |                                    |
|Questco Corporate Advisory Proprietary|BMO Capital Markets Limited         |
|Limited                               |                                    |
|                                      |Office: +44 (0)20 7236 1010         |
|Office: + 27(0) 63 482 3802           |                                    |
|______________________________________|____________________________________|
|                                      |Joint broker                        |
|                                      |                                    |
|                                      |Matthew Armitt/Jennifer Lee         |
|                                      |                                    |
|                                      |Joh. Berenberg, Gossler & Co KG     |
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|                                      |Office: +44 (0)20 3207 7800         |
|______________________________________|____________________________________|