PAN AFRICAN RESOURCES PLC - Pan African announces successful commissioning of the Mogale Tailings Retreatment (MTR) operation

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

Pan African Resources PLC                               Pan African Resources Funding Company
(Incorporated and registered in England and Wales       Limited
under the Companies Act 1985 with registered            Incorporated in the Republic of South Africa with
number 3937466 on 25 February 2000)                     limited liability
Share code on AIM: PAF                                  Registration number: 2012/021237/06
Share code on JSE: PAN                                  Alpha code: PARI
ISIN: GB0004300496
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

 Corporate information

Corporate office                                 Registered office
The Firs Building                                2nd Floor
2nd Floor, Office 204                            107 Cheapside
Cnr. Cradock and Biermann Avenues                London
Rosebank, Johannesburg                           EC2V 6DN
South Africa                                     United Kingdom
Office: + 27 (0)11 243 2900                      Office: + 44 (0)20 3869 0706
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                         Website: www.panafricanresources.com
Hethen Hira
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
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 Limited   BMO Capital Markets Limited
Office: + 27(0) 63 482 3802                      Office: +44 (0)20 7236 1010

                                                 Joint broker
                                                 Matthew Armitt/Jennifer Lee
                                                 Joh. Berenberg, Gossler & Co KG
                                                 Office: +44 (0)20 3207 7800

Date: 31-10-2024 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.