Pan African Resources (PAF) Investor presentation summary

Health and safety

• Achieved significant safety improvements, with TRIFR down to 4.74 and LTIFR to 1.22 per million man-hours in FY26H1.

• Surface remining operations reported zero Lost Time and Reportable Injuries in FY26H1.

• Fairview Mine reached 4.6 million fatality-free shifts and six years without a fatality; Consort Mine achieved 23 years without a fatality.

• One fatal incident occurred at Evander underground in July 2025.

Group overview and operating environment

• Diversified gold asset portfolio in South Africa and Australia, with production nearing 300koz and strong cash flows.

• Market cap at $3.6bn, net cash position, and inclusion in FTSE250 and JSE Top40.

• Operations benefit from secure mining rights, robust stakeholder engagement, and increasing renewable energy penetration targeting >85MW in 24 months.

• No power curtailments in 15 months; multi-year wage agreements and strong community relations.

Key features and operational update

• FY26 gold production reached ~275,000oz (+40%), with strong performances at MTR (+67%) and Evander (+68%).

• Group AISC at ~$1,870/oz, at the upper end of guidance, with FY27 guidance of $2,075–$2,175/oz.

• Record operating cash flow, projected FY26 cash position of ~$220m, and maiden interim dividend paid.

• Margin increased to 114% in FY26H1, driven by higher gold prices and cost control.