Pan African Resources (PAF) Trading update summary

Financial performance highlights

• Earnings per share (EPS) expected between US 7.18 and 7.43 cents, up 187%–197% from the prior period.

• Headline earnings per share (HEPS) expected between US 7.28 and 7.40 cents, up 507%–517%.

• Revenue increased by 157.3%, driven by higher gold prices and production.

• Average gold price received rose 61.6% to US $3,812/oz; gold production increased 51.5% to 128,296oz.

• Full-year production guidance set at 275,000oz to 292,000oz, with further growth expected.

Exchange rate and share information

• Average US$/ZAR exchange rate was 17.37, with a closing rate of 16.57 as of 31 December 2025.

• Weighted average number of shares outstanding was 2,027,345,177.

• Exchange rate movements impacted reported results and should be considered in comparisons.

Operational and reporting updates

• Production growth attributed to MTR expansion and Tennant Mines acquisition.

• Restatement of prior period EPS due to finalization of Tennant Consolidated Mining Group acquisition accounting.

• Results for the six months ended 31 December 2025 to be released on 18 February 2026.