PAN AFRICAN RESOURCES PLC - Pan African concludes five-year wage agreement at Barberton mines and maturation of the Barberton mines ESOP

Pan African concludes five-year wage agreement at Barberton mines and maturation of the Barberton mines’ ESOP

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
number 3937466 on 25 February 2000)                    with 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 CONCLUDES FIVE-YEAR WAGE AGREEMENT AT BARBERTON MINES AND
MATURATION OF THE BARBERTON MINES' EMPLOYEE SHARE OWNERSHIP PLAN (ESOP)

Pan African is pleased to inform shareholders and noteholders that the Company has concluded a
milestone five-year wage agreement ("the Agreement") for wage increases and other conditions of
service with the National Union of Mineworkers (NUM), the representative union for Category 4 to 8
bargaining unit employees, at its Barberton Mines operations. The agreed increases for the period 1
June 2024 to 30 June 2029 amounts to an average annual increase of approximately 5.3% per annum
over the five-year period.


The current five-year wage agreement with UASA (the other representative union at Barberton
Mines), entered into in 2021, is valid for another two years, until 30 June 2026. The agreement
provides for an increase of 5.0% or CPI, whichever is higher, capped at 6%. This agreement affords the
parties a once-off option to re-negotiate these increases, in the event of CPI being lower than 4% or
higher than 7.5%.


Maturation of Barberton Mines' ESOP scheme

The maturation of this ESOP scheme has realised meaningful benefits for qualifying employees over
its life.


The scheme was destined to mature on 30 June 2024, after a ten-year term, but an early settlement
of the scheme, at 31 March 2024, was negotiated with employees and unions. Qualifying employees
received dividends of more than R40 million during the scheme's tenor, with the final maturity
benefits paid to employees during May 2024.


More than 2,200 employees qualified to receive final maturity payments, with payments dependent
on the number of completed years of service.


Pan African CEO Cobus Loots commented:

"We are pleased to have entered into multi-year wage agreements at Barberton Mines, which will
ensure stability in labour relations at this operation over the coming years. The maturation of
Barberton's ESOP has also realised tangible benefits to all its participants."


Certain information communicated in this announcement was, prior to its publication, inside
information for the purposes of Article 7 of Regulation 596/2014.
Rosebank
4 June 2024

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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 7796 8644
 info@paf.co.za                                         info@paf.co.za
 Chief executive officer                                Financial director and debt officer
 Cobus Loots                                            Deon Louw
 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 7796 8644
                                                        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)11 011 9200                            Office: +44 (0)20 7236 1010

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




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Date: 04-06-2024 08:00:00
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