Pan African completes Definitive Feasibility Study (DFS) on the Soweto Talings Retreatment (STR) Project

PAN AFRICAN COMPLETES DEFINITIVE FEASIBILITY STUDY (DFS) ON THE SOWETO TAILINGS RETREATMENT (STR) PROJECT, DELIVERING A ROBUST LONG TERM GROWTH PATHWAY FOR THE MOGALE TAILINGS RETREATMENT (MTR) COMPLEX

Further to the announcement published on 27 November 2025, Pan African is pleased to advise shareholders and noteholders that the Company has successfully completed the DFS for the STR project, located adjacent to the Group’s MTR operations on the West Rand of Gauteng, South Africa.

The STR project encompasses the retreatment of the Soweto Cluster tailings storage facilities (TSFs), acquired as part of the Mintails transaction, and comprises Mineral Reserves of approximately 108Mt at 0.28g/t containing approximately 0.98Moz of gold.

The DFS evaluated the construction of a 600,000 tonnes per month (600ktpm) tailings retreatment operation adjacent to the existing MTR processing facility. The project has been designed to leverage the existing MTR elution, carbon regeneration, electrowinning and smelting infrastructure, significantly reducing capital intensity and improving project economics relative to a standalone development.

DFS HIGHLIGHTS

•Annual gold production of 35,000oz to 40,000oz from STR, with Life of Mine (LOM) production of approximately 561,000oz over a project life of approximately 15 years

•LOM all-in sustaining cost (AISC) of approximately US$1,750-1,800/oz, excluding cost savings from renewable energy supply

•Value-engineered project capital estimate of approximately ZAR3.68 billion (US$216 million at ZAR:US$=17.00), which now takes into account the dedicated new TSF and associated remining infrastructure

•Using a gold price of US$3,550/oz the project returns

• Post-tax NPV₁₃ of approximately ZAR1.85 billion (US$109 million)
• Real ungeared internal rate of return (IRR) of approximately 29.55%
• Payback period of approximately three years, post-commissioning

•Construction period of approximately 28 months from Final Investment Decision (FID)

•Dedicated new TSF incorporated into the project design

•Synergies with existing MTR infrastructure for elution, carbon regeneration, electrowinning and gold smelting

PROJECT OVERVIEW

The STR project will comprise a dedicated 600ktpm tailings retreatment circuit, together with associated hydraulic mining infrastructure, pumping stations, overland slurry and water pipelines of approximately 18km, process water infrastructure and a new modern GISTM compliant tailings deposition facility.

The project has been designed to operate in conjunction with the existing MTR operation and will materially increase gold production from the MTR complex to approximately 100,000oz/year at peak production, while accelerating the rehabilitation of historical tailings facilities and surrounding areas on the West Rand.

A comprehensive value engineering programme was undertaken by the Group following completion of the base case DFS. This review identified potential capital savings of approximately ZAR718 million, reducing estimated project capital from approximately ZAR4.40 billion to ZAR3.68 billion while maintaining project throughput, production and operational performance.

ENVIRONMENTAL AND PERMITTING

The Environmental Impact Assessment and permitting process is well advanced, including approvals for pipeline servitudes, while the Water Use Licence application has been submitted and is in progress. The Group currently anticipates receipt of the principal environmental authorisations during FY27, supporting the targeted project development schedule.

FINAL INVESTMENT DECISION

The Group intends to complete the remaining permitting, optimisation and financing workstreams during FY27.

Subject to board approval, project financing and receipt of the required statutory authorisations, a FID is anticipated in December 2026.

Pan African Resources CEO Cobus Loots commented:

"The completion of the STR DFS marks another important milestone in the evolution of the MTR complex. By leveraging the substantial infrastructure already established at MTR and Pan African’s track record of optimally delivering tailings retreatment projects, we have been able to define a project that delivers attractive returns, meaningful production growth and accelerated environmental rehabilitation.

The STR project has the potential to increase annual gold production from the MTR complex to approximately 100,000 ounces per annum at peak production, while simultaneously addressing historical environmental liabilities on the West Rand. We look forward to advancing the remaining permitting and financing workstreams ahead of a targeted Final Investment Decision during December 2026."

COMPETENT PERSON

The competent person for Pan African, Hendrik Pretorius, the executive for technical services and new business, signs off the Mineral Resources and Mineral Reserves for the Group. He is a member of the South African Council for Natural Scientific Professions (SACNASP 400051/11 – Management Enterprise Building, Mark Shuttleworth Street, Innovation Hub, Pretoria, Gauteng Province, South Africa), as well as a fellow in good standing of the Geological Society of South Africa (GSSA – CSIR Mining Precinct, Corner Rustenburg and Carlow Roads, Melville, Gauteng Province, South Africa). Hendrik has 23 years' experience in economic geology, mineral resource management (MRM) and mining (surface mining and shallow to ultra-deep underground mining). He is based at The Firs Office Building, 2nd Floor, Office 204, Corner Cradock and Biermann Avenues, Rosebank, Johannesburg, South Africa. He holds a BSc (Hons) degree in Geology from the University of Johannesburg as well as a Graduate Diploma in Mining Engineering from the University of the Witwatersrand. Hendrik has reviewed, and approved, in writing the information contained in this announcement as it pertains to Mineral Resources and Mineral Reserves.

The information contained in this announcement is the responsibility of the board and has not been reviewed or reported on by the Group’s external auditors.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service in the UK, the stock exchange news service of the JSE and the Australian Stock Exchange, this inside information is now considered to be in the public domain.

Johannesburg

11 September 2026

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

www.panafricanresources.com