Pan African Resources Plc

Realtime	Geld	Brief	Zeit
	1,670	1,708	09:48
	1,676	1,708	09:38

PR Newswire

LONDON, United Kingdom, February 18

Pan African Resources PLC

(Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 3937466 on 25 February 2000)

Share code on LSE: PAF

Share code on JSE: PAN

ISIN: GB0004300496

ADR ticker code: PAFRY

("Pan African Resources" or the "Company" or the "Group")

Pan African Resources Funding Company Limited

Incorporated in the Republic of South Africa with limited liability

Registration number: 2012/021237/06

Alpha code: PARI

Unaudited Condensed Consolidated Interim Financial Results for the six months ended December 2025

Key Features

Highlights

Overall improvement in Group safety performance, with ongoing focus on safety initiatives
Increase in gold production of 51.5% to 128,296oz (FY25H1: 84,705oz), with the Group on track to meet the full-year production guidance range of between 275,000oz and 292,000oz
Revenue increased substantially by 157.3% to US$487.1 million (FY25H1: US$189.3 million), with a 61.6% increase in the US$ gold price received to US$3,812/oz (FY25H1: US$2,359/oz), compared to prevailing gold prices of approximately US$5,000/oz
Profit for the reporting period increased by 211.9% to a record US$147.8 million (FY25H1: US$47.4 million)
Net cash generated from operating activities increased by US$174.1 million to US$170.9 million (FY25H1: US$3.2 million net cash used), resulting in a reduction in net debt of 69.3% to US$46.2 million, compared to US$150.5 million at 30 June 2025
Headline earnings per share (HEPS) increased by 511.7% to US 7.34 cents per share (FY25H1: US 1.20 cents per share)
Earnings per share (EPS) increased by 192.0% to US 7.30 cents per share (FY25H1: US 2.50 cents per share (restated)). Included in EPS in the previous reporting period is a gain on acquisition relating to the Tennant Consolidated Mining Group Proprietary Limited (Tennant company) transaction. This gain amounting to US$28.0 million is excluded from HEPS
Moved listing of the Group's ordinary shares from AIM to the Main Market of the London Stock Exchange (LSE) in October 2025. Inclusion in the LSE FTSE250 Index in December 2025
Board-approved interim cash dividend of ZAR 12,000.00 cents per share (or US 0.74488 cents per share at an indicative exchange rate of US$/ZAR:16.11 or 0.54745 pence per share at an indicative exchange rate of GBP/ZAR:21.92)
All-in sustaining cost (AISC) of production for FY26H1 of US$1,874/oz at US$/ZAR:17.37, impacted by rand currency strength, an increase in employee share-based payment expenses and higher royalty costs
- Notably, the Group's lower-cost operations, which account for 88% of Group production, recorded AISC of US$1,700/oz
- FY26 full-year AISC guidance revised to between US$1,820/oz and US$1,870/oz at US$/ZAR:17.00, lower than the AISC for the first six months, due to increased forecast production in FY26H2 and a continued focus on cost control
The Group is positioned to continue its trajectory of near-term, sector-leading and fully funded production growth
- Tennant Mines is expected to grow gold production by approximately 100% (to approximately 100Koz per annum) over the next three years, while Mogale Tailings Retreatment's (MTR) Soweto Cluster bankable feasibility study is to be completed in the coming months
- Barberton Mines' Royal Sheba project (6.9Mt at 3.24g/t for 714Koz in Mineral Resources) is scheduled for expedited execution later this year, following an independent review of the current feasibility study
- Additionally, Evander Mines' Poplar project (28.7Mt at 6.99g/t for 6.46Moz in Mineral Resources) will undergo an advanced prefeasibility study (PFS) within the calendar year to assess potential access approaches for this shallow deposit.

Production

Barberton Mines' underground production increased by 5.2% to 32,774oz (FY25H1: 31,142oz), and Barberton Tailings Retreatment Plant (BTRP) production remained stable at 7,143oz (FY25H1: 7,544oz)
The Elikhulu Tailings Retreatment Plant (Elikhulu) achieved excellent results, with production increasing by 14.5% to 29,450oz (FY25H1: 25,725oz)
Production at Evander Mines' operations improved substantially by 87.3% to 21,640oz (FY25H1: 11,551oz). Production in FY26H2 is expected to increase further with higher mined tonnages
The MTR operation performed at steady state following its ramp-up in FY25, with production of 21,729oz, approximately 10% lower than expected, as a result of mined grades and recoveries impacted by the current mined area
Tennant Mines achieved steady-state throughput, with production of 15,560oz (including gold equivalent ounces from the sale of copper concentrate). Production in FY26H2 is anticipated to increase to approximately 30,000oz as higher-grade ore from open pits replaces lower-grade feed from the Crown Pillar Stockpile.

Safety

Total recordable injury frequency rate improved substantially to 4.74 (FY25H1: 8.25) per million man hours
Lost time injury frequency rate improved to 1.22 (FY25H1: 1.54) per million man hours
Reportable injury frequency rate remained stable at 0.61 (FY25H1: 0.55) per million man hours
A fatal incident was recorded at Evander Mines' underground operations in July 2025 (as reported in the FY25 final results)
Commendably, Elikhulu and MTR surface operations achieved zero lost time and reportable injuries.

Costs and Cost Guidance

AISC of production for FY26H1 of US$1,874/oz at US$/ZAR:17.37 (previous FY26 full-year guidance: US$1,525/oz to US$1,575/oz at US$/ZAR:18.50), negatively impacted by:
- the strengthening of the average US$/ZAR exchange rate by 6.1% to US$17.37, with an impact of approximately US$115/oz
- the increase in employee share-based payment expenses, as a result of an increase of more than 140% in the Company share price from ZAR11.09 (0.4575 pence) at 30 June 2025 to ZAR26.93 (1.21 pence) at 31 December 2025 (approximately US$80/oz)
- third-party material processed at the Evander Mines and MTR operations during the period, contributing to higher costs, as well as increased royalty payments due to the higher gold price received
AISC for lower-cost operations accounting for 88% of Group production at US$1,700/oz
The FY26 full-year AISC guidance has been revised to US$1,820/oz to US$1,870/oz (at US$/ZAR:17.00) to reflect the effects of the factors outlined previously, resulting in an increase from the original forecast; nevertheless, the full-year AISC is still expected to be lower than the FY26H1 level due to higher production volumes anticipated in FY26H2.

Financial

Revenue increased by 157.3% to US$487.1 million (FY25H1: US$189.3 million)
Net cash generated from operating activities increased by US$174.1 million to US$170.9 million (FY25H1: US$3.2 million net cash used)
Adjusted EBITDA increased to US$245.2 million (FY25H1: US$58.0 million), and the EBITDA margin increased to 50.3% (FY25H1: 30.6%)
EPS increased by 192.0% to US 7.30 cents per share (FY25H1: US 2.50 cents per share (restated))
HEPS increased by 511.7% to US 7.34 cents per share (FY25H1: US 1.20 cents per share). Included in EPS in the previous reporting period is a gain on acquisition relating to the Tennant company transaction. This gain amounting to US$28.0 million is excluded from HEPS
Profit for the reporting period increased by 211.8% to a record US$147.8 million (FY25H1: US$47.4 million)
The Group has now substantially degaged its balance sheet, with a reduction in net debt of 69.3% to US$46.2 million, compared to US$150.5 million at 30 June 2025. At the prevailing gold prices, the Group expects to be in a net cash position by the end of February 2026. The improvement has been achieved notwithstanding the payment of a record final dividend to shareholders in December 2025
Available cash and undrawn facilities at period-end of US$158.9 million (FY25H1: US$32.3 million).

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Alternative performance measures (APMs)

This announcement contains inside information.

Key Features continued

Interim Dividend for the Six Months Ended 31 December 2025

The board has approved an interim gross cash dividend of ZAR280.0 million (approximately US$17.4 million), equal to ZA 12.00000 cents per share (or US 0.74488 cents per share based on an exchange rate of US$/ZAR:16.11 or 0.54745 pence per share based on an exchange rate of GBP/ZAR:21.92).

Interim dividend salient dates

Notes

No transfers between the South African and United Kingdom (UK) registers, between the commencement of trading on Wednesday, 11 March 2026 and close of business on Friday, 13 March 2026 will be permitted
No shares may be dematerialised or rematerialised between Wednesday, 11 March 2026 and close of business on Friday, 13 March 2026, both days inclusive.
The interim dividend per share was calculated on 2,333,671,529 total shares in issue, equating to ZA 12.00000 cents per share or 0.54745 pence per share or US 0.74488 cents per share
The South African dividend tax rate is 20% per share for shareholders who are liable to pay the dividends tax, resulting in a net dividend of ZA 9.60000 cents per share, 0.437960 pence per share and US 0.59590 cents per share for these shareholders. Foreign investors may qualify for a lower dividend tax rate, subject to completing a dividend tax declaration and submitting it to Computershare Investor Services Proprietary Limited or Link Group who manage the South African and UK registers, respectively

The Company's South African income tax reference number is 9154588173
The interim dividend will be distributed from the Company's South African income reserves/retained earnings, without drawing on any other capital reserves.

Future Production Growth

At Tennant Mines, the earn-in exploration joint venture with Australian Securities Exchange-listed Emmerson Resources Limited (ERM), on which the White Devil project and others are located, was successfully concluded during September 2025

- Ongoing exploration on the Group's wholly owned mining leases at Nobles, Juno and Warrego confirmed extensions to the known mineralised zones. These projects target increasing overall Australian Group production to approximately 100,000oz of gold per year and 10,000t to 15,000t of copper per year over a life-of-mine (LoM) of more than 10 years

- Regional exploration programmes comprising magnetotelluric geophysical surveys and remote sensing have identified more than 10 new prospective targets for exploration

A feasibility study to process the Group's Soweto Cluster tailings storage facilities (Soweto TSFs) at a stand-alone operation was successfully completed during the reporting period (announced on the Stock Exchange News Service (SENS) and the Regulatory News Service (RNS) on 27 November 2025). The definitive feasibility study (DFS) for a plant with expected annual gold production of 30Koz to 35Koz for a life of approximately 15 years is expected to be completed by June 2026
Other shortlisted internal organic growth projects include:

- Fast-tracking development of the Royal Sheba deposit at Barberton Mines, a near-surface, large-scale, free-milling orebody containing Mineral Resources of 6.9Mt at 3.24g/t (0.7 Moz gold), extending over a strike length of 800m and a width of 15m. Importantly, the orebody remains open both at depth and along strike, indicating the potential for further resource delineation and future growth

- Contract mining specialists have been shortlisted, and processing of Royal Sheba ore at the BTRP is expected to commence during this calendar year

- The development of the Royal Sheba project requires a relatively minimal upfront capital investment of approximately US$11 million in its first year, with the project expected to be self-funding thereafter

- A feasibility study is being conducted for the installation of a flotation section at the BTRP which has the potential to deliver an additional 7,500oz of gold production over the next three years

- At Evander Mines, the Poplar project, containing Mineral Resources of 28.7Mt at 6.99g/t for 6.46Moz gold, is located within the approved Evander Mines mining right. The Kimberley Reef at Poplar has been intersected from as shallow as 500m below surface and dips moderately to a maximum depth of around 1,200m. The Group has commenced with an updated PFS at Poplar to determine the optimal access and extraction methods for a 100,000oz per year shallow underground mine. This PFS will inform the basis of a feasibility study.

Expected FY26 Production Forecast

The Group is expected to continue to deliver significant growth in gold production, with production ranges adjusted in line with FY26H1 performance as follows:

Operation	Production range oz
Elikhulu	54,000 - 56,000
MTR	48,000 - 52,000
BTRP	13,000 - 15,000
Tenant Mines	46,000 - 50,000
Barberton Mines underground	66,000 - 69,000
Evander Mines underground	48,000 - 50,000
Total production guidance	275,000 - 292,000

Environmental, Social and Governance Initiatives

Expansion of total solar generation capacity at Evander Mines from 10MW to 30MW is in progress, with construction of the additional capacity on schedule to commence by June 2026
The Group has entered into a 10-year power purchase agreement (PPA) with NOA Group Holdings Proprietary Limited (NOA), a renewable energy independent power producer and energy trader. NOA's initial portfolio comprises renewable energy assets of 1.252MW, which is expected to generate 3,160GWh per annum.

Pan African will receive 388GWh from NOA in terms of the PPA, estimated to result in Eskom power savings of approximately US$6 million in year one. The renewable energy supplied in terms of this agreement will increase Pan African's renewable energy penetration to approximately 60% within two to three years

Construction of two water treatment plants is at an advanced stage. Phase 2 of the 3ML/day Evander Mines water treatment plant is nearing completion, with first water expected in late March 2026. At MTR, construction of a 3ML/day water treatment plant to treat acid mine drainage water commenced in November 2025, with commissioning on track by May 2026
The MTR operation was awarded the 'Best ESG Initiative by a Mining Company' at the International Resourcing Tomorrow conference held in December 2025. The judging panel recognised the immediate positive impacts of Pan African's activities on the environment and local communities, following years of neglect in the area.

Summary of Salient Features

Salient features	Unit	FY26H1	FY25H1	Movement change %
Gold produced	oz	128,296	84,705	51.5
Gold sold	oz	127,296	79,926	59.3
Revenue	US$ million	487.1	189.3	157.3
Average gold price received	US$/oz	3,812	2,359	61.6
Cash costs	US$/oz	1,574	1,504	4.7
AISC	US$/oz	1,874	1,675	11.9
All-in costs (AIC)	US$/oz	2,300	2,639	(12.9)
Adjusted EBITDA	US$ million	245.2	58.0	322.8
Attributable earnings - owners of the Company²	US$ million	148.0	48.2	207.1
Headline earnings	US$ million	148.8	23.2	541.0
EPS²	US cents	7.3	2.5	192.0
HEPS	US cents	7.34	1.2	511.7
Cash flows from operating activities³	US$ million	259.5	37.7	588.3
Net debt	US$ million	46.2	228.5	(79.8)
Total sustaining capital expenditure	US$ million	9.6	6.0	60.0
Total capital expenditure	US$ million	66.1	95.6	(30.9)
Net asset value per share2	US cents	33.9	20.9	62.2
Weighted average number of shares in issue	million	2,027.3	1,929.4	5.1
Average exchange rate	US$/ZAR	17.37	17.95	(3.2)
Closing exchange rate	US$/ZAR	16.57	18.87	(12.2)
Average exchange rate	US	1.52	1.52	-
Closing exchange rate	US	1.50	1.61	(6.8)

¹ Adjusted EBITDA comprises earnings before interest, tax, depreciation and amortisation adjusted for impairment losses, bargain purchase gains and loss on disposal of plant and equipment.

² The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made.

³ During the current reporting period, the Group reviewed the presentation of cash proceeds received under a short-term gold loan arrangement recognised in the comparative reporting period. These cash flows were previously presented as financing activities when they should have been presented as operating activities, as the arrangement was settled through the physical delivery of gold bullion (recognised in revenue) as opposed to cash. The comparative reporting period has been restated to reflect the reclassification.

Chief Executive Officer's Statement

Pan African's chief executive officer, Cobus Loots, commented:

"Pan African's safety, operational and financial performance in the first half of the financial year, together with the boon of record gold prices, has positioned us to deliver outstanding results for the full year. During the reporting period, the Group degreased its balance sheet and is also now further boosting cash returns to shareholders, with the Company initiating an attractive interim dividend payment.

The half-year results demonstrate the success of our strategy of focusing on high-margin, long-life tailings retreatment operations and also the acquisition of the very prospective Tenant Mines in Australia.

Lower-cost operations, accounting for 88% of Group production, delivered at an AISC of US$1,700/oz - a very compelling margin at prevailing gold prices.

Despite our continued focus on cost control, all-in sustaining unit costs were higher than guided for the reasons detailed in this release. However, we believe that the expected increased gold production in FY26H2 will assist with reducing unit costs, and in terms of AISC, Pan African remains competitive relative to other producers.

The Group's focus on sustainable and value-enhancing ESG initiatives has again delivered tangible benefits, with our PPA with NOA, together with additional investments into renewable energy projects at Evander Mines, MTR and Tenant Mines, resulting in a likely renewable penetration of more than 60% over the next two years.

Pan African has the ability to continue to deliver very attractive production growth over the next years, specifically internal expansions in Australia and around our MTR operation, which will not only add mine life but also significant additional production ounces. Pan African will continue to capitalise on the very favourable current environment to position the Group to keep on 'Mining for a Future' for many more years."

Performance per Operation and Optimisation Initiatives

Barberton Mines

The high-grade underground mines at Barberton Mines (Fairview, Sheba and Consort) are established operations with a capacity to produce approximately 80,000oz of gold per year. The mines boast an excellent long-term safety record. Mining commenced in the Barberton region in the 1880s, and Barberton Mines is one of the oldest continuously operating mining complexes in the world. Pan African's ongoing capital investments, including in renewable energy projects, aim to enhance productivity and improve ore-handling logistics to reduce AISC. During the reporting period, Barberton Mines' production increased by 5.2% to 32,774oz (FY25H1: 31,142oz) at an AISC of US$2,590/oz (FY25H1: US$2,170/oz).

Fairview Mine produced 20,977oz (FY25H1: 19,095oz), an increase of 9.9%, with the gold production increase primarily attributable to the bulk of the mining operations being conducted within the high-grade Main Reef Complex (MRC) and Rossiter orebodies during the reporting period. Ongoing development and exploration remain focused on the down-dip extensions of existing orebodies, specifically the MRC and Rossiter, to establish additional work areas to support future production.

A 3 Shaft winder upgrade at Fairview was completed at the beginning of the reporting period, which mitigates unplanned interruptions in production from the lower levels of the mine, resulting in improved output.

Initiatives to improve production at Fairview in the six months ahead also include:

mining of multiple platforms on the MRC orebody to improve mining flexibility - operations are currently active on the high-grade 260 to 262 Platforms, which supplied the bulk of the high-grade tonnes (over 20gt) during the period
development into the 263 Platform in the MRC orebody is expected in FY26Q3
additional development on 50 Level to access the up-dip extent of the Rossiter orebody is in progress.

Sheba Mine production decreased by 10.1% to 7,913oz (FY25H1: 8,805oz), negatively impacted by lower-grade ore fed to the plant at 4.43g/t (FY25H1: 5.15g/t), as development and ore drives into the Sheba Fault's lower-grade but large-scale Western Cross orebody commenced. Cross-fractures of the Zwartkoppie orebody have recently been intersected during development activities on the lower 37 Level. These cross-fractures are currently being mined using a cut-and-fill mining method, which constrains high-grade ore to the processing plant. To address these limitations, the operation plans to access additional working platforms in the near term to improve control over ore blending.

Consort Mine produced 3,884oz (FY25H1: 3,243oz), an increase of 19.8%:

During the reporting period, the Prince Consort (PC) Shaft infrastructure rehabilitation was completed, allowing access to higher-grade areas below 30 Level, and mining commenced within the Main Muiden Reef Shaft 17 Level and PC Shaft 33 Level.

The BTRP produced 7,143oz (FY25H1: 7,544oz) at an AISC of US$1,484/oz (FY25H1: US$958/oz). The overall recovery rate reduced to 39.1% (FY25H1: 51.6%), with a recovered grade of 0.51g/t (FY25H1: 0.65g/t), following the successful commissioning of the Bramber dormant pump station in September 2025. Following plant upgrades, recent tests demonstrate additional gold could be recovered from previously processed material at the Bramber dormant tailings storage facility (TSF). As a result, the BTRP's LoM has been extended from two to six years based on current surface sources. Feed from the Royal Sheba project, anticipated this calendar year (refer to the future production growth section), will sustain and grow production from the BTRP for at least the next 10 years.

Elikhulu

The Elikhulu tailings retreatment operation was commissioned in 2018 and remains one of the lowest-cost gold mining operations in Southern Africa. It is a testament to Pan African's ability to conceptualise, plan and construct substantial growth projects ahead of schedule and within budget, with payback achieved in under three years.

Elikhulu production increased by 14.5% to 29,450oz in FY26H1 (FY25H1: 25,725oz) at an AISC of US$1,209/oz (FY25H1: US$1,124/oz), delivering ahead of expectations for the period.

Drilling of additional sonic holes and the construction of remining infrastructure at the Winkelhaak TSF commenced in the reporting period and represents the last significant capital to be spent at Elikhulu for its remaining LoM of nine years. Feed from the Winkelhaak tailings facility from FY27 will be blended with feed from Leslie/Bracken concurrently, further increasing flexibility and production consistency at this operation. As the resources at Leslie/Bracken are depleted, this infrastructure will be repurposed at Winkelhaak, which will then supply 100% of the plant's feed.

Evander Mines

During the reporting period, gold production from 24 Level increased by 87.3% to 21,640oz for FY26H1 (FY25H1: 11,551oz), inclusive of surface sources. AISC for Evander Mines' underground operations reduced to US$1,576/oz (FY25H1: US$2,153/oz), as unit costs improved as a result of the increased production. The subvertical hoisting shaft at Evander Mines' 8 Shaft underground operation is operating at design capacity, enabling improved ore handling.

The Group's ongoing investment in infrastructure enabled the operation to establish the B raise line on 24 Level at 8 Shaft, which is in the high-grade core of the Kimberley Reef orebody, with the primary other initiatives as follows:

Accelerated development of the 24 and 25 Level mining areas, where the high-grade portion extends further to the east. Development in the A raise line's crosscut has now intersected the reef
Access to 25 Level is being achieved through an on-reef decline layout from 24 Level footwall infrastructure
Commencement of construction of the underground workshop on 24 Level, with mechanised development towards 25 Level progressing from existing crosscuts on 24 Level, as well as from the main development
Planning of hybrid mining below 24 Level, comprising conventional stoping and mechanised on-reef development.

Reef intersections from the 24 Level long-inclined borehole drilling on the 25 Level reef horizon confirm the down-dip extension of the orebody and the high-grade ore of the Kimberley Reef, with the following results reported from the drilling:

3,725cmg/t over 76.3cm (or 49g/t)
1,096cmg/t over 17.2cm (or 63.70g/t)
356cmg/t over 19.7cm (or 18.10g/t)
953cmg/t over 17.2cm (or 55.40g/t).

In recent years, the Group has allocated substantial capital expenditure to extend the LoM at Evander Mines to maintain an average gold production profile of more than 60,000oz per annum at steady-state production for another 11 years under the current mine plan. The capital required for FY27 has reduced to between US$25.0 million and US$30.0 million, with the operation expected to continue its strong cash generation and production performance in the years ahead.

The Egoli project at Evander Mines' 7 Shaft is a stand-alone underground project which will utilise existing mining and metallurgical infrastructure, including 7 Shaft's hoisting systems and processing facilities at the Kinross metallurgical plant. The Group is currently drilling long-inclined diamond holes into this project. The results will be used to update the Egoli feasibility study.

MTR operation

Following the commissioning of the MTR operation in October 2024, the processing plant reached steady-state production during December of the same year. In FY26H1, MTR achieved gold production of 21,729oz, compared to the 30,806oz for FY25 at an AISC of US$1,577/oz (FY25H1: US$1,428/oz). Performance was adversely impacted by the intersection of an anomalous low-grade lens low-recovery calcine material in the current mining area, which reduced both mining grade and recoveries.

The expansion of the plant from 800ktpm to 1mtpm, through the addition of two carbon-in-leach (CIL) tanks, together with the installation of reactors to further improve recoveries (total expansion cost of US$6.5 million) was successfully completed in December 2025, resulting in 1,060kt being processed that same month. This expansion is expected to increase production from the initial design capacity of 50,000oz to between 55,000oz and 60,000oz per annum.

Tenant Mines

The acquisition of Tenant Mines complements Pan African's portfolio of high-margin, long-life surface remining operations in a Tier 1 mining jurisdiction (Australia's Northern Territory), and is located in a region which is Australia's historically highest-grade gold province. The Group has identified key projects within its tenement area with the potential to expand the LoM of this operation beyond 15 years through a two-stage gold and copper strategy.

The construction of Nobles Gold Mine was completed in April 2025, ahead of schedule and within budget. An inaugural gold pour from this operation, the largest facility to have ever been constructed in the region, was achieved in May 2025. Although the ramp-up to steady-state production was slower than expected due to commissioning difficulties with the two mine residue filter presses, the operation achieved name plate capacity of 70ktpm during July 2025. Production for FY26H1 is a notable 15,560oz at an AISC of approximately US$2,543/oz. Looking ahead, substantial production growth is anticipated in the near term as the operation continues to ramp up.

The first blasts in the adjacent Weaber's Find, Rising Sun and Nobels open pits took place during October 2025, resulting in higher-grade feed to the plant relative to the Crown Pillar Stockpile. As mining output from the open pits ramps up, the feed grade is expected to increase in FY26H2.

During the reporting period, in response to prevailing commodity prices, enhancing and optimising the production and capital expenditure profile for the next three financial years was prioritised, as outlined in the table below. Regional exploration efforts were focused on extending the mine's operational life beyond eight years. This strategic approach has led to the acceleration of major capital projects that were initially scheduled for later in the operation's life cycle, with the aim of improving the overall production profile.

Reporting period	Gold production Koz	AISC US$$ /oz	Expansion capital US $$ million	Sustaining capital US$ million
FY27	50 - 54	1,800 - 2,000	100	7
FY28	68 - 73	1,700 - 1,850	66.5	13.6
FY29	90 - 100	1,600 - 1,750	10.5	27.8

Key capital projects that have been brought forward include:

the expedited development of the high-grade and long-life Junounderground operation, with an investment of US$52.0 million. Juno contains a Mineral Resource of 1.96Mt at 4.16g/t for 262Koz gold
accelerated access and development of the Golden FortySmall Mines Joint Venture, in partnership with ERM, requiring US$36.0 million. Golden Forty contains a Mineral Resource of 480kt at 7.25g/t for 114Koz gold
the first stage pushback at the White Devilopen pit, subject to the finalisation of the Major Mines Joint Venture agreement with ERM, representing an investment of US$14.0 million. White Devil has a reported Mineral Resource of 4.7Mt at 4.1g/t for 616Koz gold
upgrades to plant infrastructure totalling US$47.0 million, aimed at increasing plant capacity from 840,000t per year to 1,000,000t per year. These upgrades include:
- a new fixed crusher front-end circuit
- a secondary ball mill
- a new flash float circuit designed to extract low-grade copper before the CIL circuit
- two additional CIL tanks
- an additional mine residue filter press
an intensified exploration programme targeting more than 10 anomalies identified through regional heli- and ground-based magnetotelluric surveys, with the goal of extending the mine life beyond eight years (US$26.0 million).

Gold Exploration Programme in Sudan

The Group has terminated gold exploration activities in Sudan and liquidated all assets, with the impairments recorded in previous reporting periods.

Growth Projects

Soweto Cluster Tailings Retreatment

The Soweto Cluster TSF feasibility study was successfully completed during the reporting period and announced on SENS and RNS on 27 November 2025. An integrated 600ktpm Soweto Tailings Retreatment (STR) circuit at MTR was identified as the preferred option to process the Soweto TSFs, due to significantly lower upfront capital requirements, a shorter construction period, reduced permitting obligations and superior financial returns, while also benefiting from synergies with the existing MTR plant and operational infrastructure. This option will add production of 30Koz to 35Koz per annum for approximately 15 years at an estimated AISC³° of between US$1,000/oz and US$1,200/oz and a total capital cost of ~US$160.0 million (approximately ZAR2.8 billion (at an average exchange rate of US$/ZAR:17.50)), which includes remining and overland pumping infrastructure and expanded TSFs.

The DFS for STR is expected to be completed by June 2026, followed by a final board decision to commence project construction shortly thereafter, with an anticipated construction period of approximately 24 months.

At a gold price of US$2,800/oz, the project returns:

a post-tax net present value (NPV)13.3 of US$129.7 million
a real ungeared internal rate of return (IRR) of 29.4%
payback in three years post commissioning.

At a gold price of US$3,500/oz, the project returns:

a post-tax NPV13.3 of US$235.4 million
a real ungeared IRR of 40.2%
payback in two years post commissioning.

The environmental impact assessment and water use licence processes are progressing in accordance with the project schedule, with approvals expected during 2026.

The MTR operation commenced with concurrent rehabilitation programmes during its construction phase and has achieved significant milestones to date, with the successful re-establishment of wetlands and improved air and water quality. This has positively impacted local communities in the area as well as the Mogale region. The construction of the STR circuit will bring forward the original Soweto Cluster TSF remining schedule and rehabilitation programmes.

The Company maintains the clearing of silted drainage channels around affected Soweto TSFs to confine the overflow of excess rainwater to dedicated evaporation ponds, eradicating the run-off that previously affected natural water systems. Pan African has also commenced with the application of a newly developed binding agent that has reduced the amount of airborne particulate matter during windy conditions at the Soweto TSFs, which will measurably improve the air quality in the area.

Australia

Pan African controls 1,700km² of highly prospective ground in the Northern Territory through 100%-owned assets and through joint venture agreements with ERM. The Company intends to utilise a hub-and-spoke growth strategy to process multiple deposits and already has an experienced in-country management team in place. The earn-in joint venture with ERM for both the Northern and Southern project areas was finalised in September 2025. Tenant Mines now has a 75% controlling stake in the relevant mineral titles, with ERM holding the remaining 25%. All mineral titles are now being transferred to Tenant Mines management.

The Warrego copper and gold project, situated at Tenant Creek, Northern Territory, represents a further significant opportunity in our Australian portfolio. A feasibility study has been commissioned at Warrego for the mining and processing plant infrastructure, with the results anticipated early in FY27. The project targets increasing overall Australian production to more than 100,000oz of gold per year (excluding growth in operations detailed elsewhere) and 10,000t to 15,000t of copper per year over an LoM of up to 15 years. The Warrego project plant cost is estimated at between US$40.0 million and US$45.0 million and could potentially be funded from operational cash flow (subject to commodity prices) or via project finance.

Regional copper and gold deposits owned by third-party companies could supply additional feed sources to Warrego operation.

Royal Sheba

Development is being expedited at the Royal Sheba deposit, a key component of the Sheba Fault project at Barberton Mines. This orebody is notable for its surface outcrop, making it a shallow, large-scale, free-milling (non-refractory) deposit that offers favourable extraction conditions. The deposit boasts a Mineral Resource of 6.9Mt at a grade of 3.24g/t (0.7Moz gold), extending over an 800m strike length and widths of up to 15m. Importantly, the orebody remains open both at depth and along strike, indicating the potential for further resource delineation and future growth.

Royal Sheba will be mined by specialist contractor miners, who will be responsible for both the development of the orebody and the implementation of long-hole open stoping mining methods. Furthermore, amendments to include Royal Sheba mining in the existing and approved water use licence as well as the mine works programme have already been submitted to the relevant authorities for approval, and are anticipated to be finalised within the current calendar year. The development of the Royal Sheba project requires a relatively minimal upfront capital investment of US$11.0 million in its first year.

Ore production from Royal Sheba will be processed at the BTRP, with commencement of ore processing expected within this calendar year. This project will increase the production profile of the BTRP, with a current projected LoM of at least 10 years.

Poplar

Evander Mines holds one of the largest remaining unmined Mineral Resources within the Witwatersrand Basin, estimated at 119.6Mt at 8.79g/t for 33.8Moz gold, held by Pan African within its approved Evander Mines mining right, valid to 2038. The Poplar project is included in this resource, with an estimated Mineral Resource of 28.7Mt at 6.99g/t for 6.46Moz gold. The Kimberley Reef at Poplar occurs from as shallow as 500m below surface and dips moderately to a maximum depth of around 1,200m. Historically, a total of 146 diamond drillholes have been drilled into this project to define the geological structure, reef continuity and other parameters that underpin the Mineral Resource.

The Group has commenced with an update to the existing Poplar project PFS to determine the optimal access and extraction methods to mine 100,000oz of gold annually. The initial designs cater for two twin shafts as access points to the orebody, while the reef level mining is planned as a conventional Witwatersrand mining method with footwall development, where breast stoping will be employed. This updated PFS will inform the basis of a full feasibility study.

Group Capital Expenditure Budget

The Group continues to invest in its assets and growth projects to ensure sustainability and generate attractive shareholder returns and value for our stakeholders. The capital budget for each operation is as follows for the full FY26:

Operation	Sustaining capital US$ million FY26	Expansion capital US$ million FY26
Barberton Mines	16.3	17.3
Evander Mines	-	48.8
Elikhulu	1.7	21.3
MTR	2.7	17.2
Tenant Mines	-	31.0
Total capital expenditure budget¹	20.7	135.6

¹ Budgeted capital converted to US$ at an exchange rate of US$1/ZAR17.00.

FY27 Production and Capital Expenditure Outlook

The Group will invest significantly to maintain its production growth trajectory in the years ahead. The anticipated growth profile and budget forecast are outlined below.

Operation	Gold production range Lower	Gold production range Upper	Planned capital investment Expansion²	Planned capital investment Sustaining³
Elikhulu	50,000	52,000	4	3
MTR¹	55,000	60,000	40	3
BTRP	10,000	12,000	8	0.5
Tenant Mines	50,000	54,000	100	7
Barberton Mines underground5	65,000	70,000	31	30
Evander Mines underground5	50,000	54,000	32	8
Total production and capital expenditure outlook	280,000	302,000	215	51.5

¹ Includes capital to construct new tailings deposition capacity and install a mill to further increase gold production.

² Includes capital to construct new tailings deposition capacity and ongoing capital development (mainly for the Fairview and Western Cross orebodies).

³ Includes capital for ongoing capital development, equipping of 25 Level and capitalised working costs.

4 Excludes capital for South African projects (STR and Royal Sheba).

Mineral Resources and Mineral Reserves

Pan African has one of the industry's best track records for grade consistency.

The Group's estimated Mineral Resources of 42.87Moz gold and 219kt copper and Mineral Reserves of 12.98Moz gold at 30 June 2025, in compliance with Table 1 of the SAMREC Code, remain unchanged and are detailed in the Group's annual Mineral Resources and Mineral Reserves report for the year ended 30 June 2025. Pan African's full Mineral Resources and Mineral Reserves report is available on our website at:

https:/www.panafricanresources.com/investors/fy2025-key-documents

Environmental, Social and Corporate Governance

During FY26H1, Pan African continued to embed sustainability into its operating and capital allocation decisions, supported by a robust ESG framework covering governance, strategy, risk management and performance, aligned with IFRS reporting. The Group advanced key environmental, social and governance (ESG) priorities across renewable energy, climate, water and land management, as well as people and community development, enhancing operational resilience, cost stability and long-term value creation.

Environment

Energy and climate change management

Pan African delivered a notable performance towards its energy and climate change management strategy, strengthening operational resilience, improving energy security and generating material cost savings. The Group's operating solar photovoltaic renewable energy plants at both Evander Mines and Barberton Mines performed consistently, delivering combined electricity cost savings of approximately US$2.6 million during the period under review. These facilities supplied between 24% and 29% of site power requirements, supporting cost stability and reducing exposure to grid constraints and tariff escalation.

The renewable energy portfolio delivered meaningful greenhouse gas emissions reductions, with Evander Mines' and Barberton Mines' solar facilities contributing

to a combined reduction of approximately 29.9ktCO2e in FY26 to date, supplemented by a further 3ktCO2e avoided through energy efficiency initiatives.

In parallel, the Group advanced its renewable growth pipeline, including the fully permitted 19.7MW Evander Mines phase 2 solar project commencing construction in February 2026, the progression of engineering, procurement and construction contractor selection for the 19.0MW MTR solar project and the finalisation of feasibility studies for a 10MW solar and battery energy storage solution at Tenant Mines. In addition, the signing of a landmark 40MW PPA with NOA positions the Group to achieve up to 60% renewable energy penetration over time, while retaining flexibility as embedded generation capacity expands, with first power from NOA expected before the end of 2026.

Water management

During FY26H1, Pan African continued to strengthen water security across its operations through disciplined investment in underground water treatment and recycling infrastructure. At Evander Mines, the water treatment plant produced approximately 500,000m³ of potable water over the past six months, delivering cost savings of approximately US$0.4 million and materially reducing reliance on the municipal water supply. Phase 2 expansion, adding a further 3ML per day of treatment capacity, is under construction with first water expected by March 2026, supporting long-term operational resilience and continuity.

The MTR water treatment plant has commenced construction, with civil works underway and first water targeted for May 2026.

Water resource management at Tenant Mines is essential for sustainable and resilient operations in a water-scarce region in Australia, and the commissioning of the water bore at the Juno Shaft further derisks water security for Tenant Mines' operations.

These investments, totalling an estimated US$5.9 million, demonstrate the Group's proactive approach to managing water-related risks, enhancing operational resilience and supporting sustainable, long-term value creation.

Biodiversity management

During FY25H1, Pan African further advanced its biodiversity and land rehabilitation strategy, embedding nature-related considerations into operational planning and governance in line with the Taskforce on Nature-related Financial Disclosuresguidance. The Group invested more than US$0.4 million in rehabilitation activities during the period, with all operations maintaining dedicated rehabilitation funding to manage post-closure obligations and mitigate long-term environmental liabilities.

Progress was achieved across multiple sites, including ongoing land restoration at MTR in line with Sustainability Bond targets, implementation of the Evander Wetland Offset Project, endorsed by the South African Department of Water and Sanitation, and continued rehabilitation of historical tailings and river systems at Barberton Mines.

Social

Pan African continued to strengthen its social licence to operate through structured stakeholder engagement, workforce development and targeted socio-economic investment across its operations.

At MTR, robust stakeholder engagement and governance frameworks underpinning Social and Labour Plan (SLP) implementation supported meaningful community development, educational infrastructure and food security.

The US$0.2 million flagship Green IQ agricultural and nursery project commenced in July 2026 and has created 10 permanent jobs and 18 seasonal employment opportunities at the small-holding farm in the Kagiso host community. The farm produces a variety of nutritious superfoods, which are supplied to retail outlets and community members, helping alleviate food insecurity.

At Barberton Mines, proactive stakeholder engagement structures, implementation of approved SLP projects and ongoing community initiatives contributed to community stability, with no significant disruptions to operations. Barberton Mines' flagship enterprise and supplier development programme witnessed an official graduation of nine local small and medium-sized enterprises, which are now actively participating in the mines' supply chain, providing services and goods to a value of US$0.3 million.

At Evander Mines, corporate social responsibility programmes contributed towards host community groups through back-to-school assistance projects and assistance to vulnerable households over the festive season.

Human resource development, learnerships, internships and adult education programmes supported local workforce development, with the Group spending approximately US$0.9 million on these initiatives.

In Australia, Tenant Minesadvanced partnerships focused on work-readiness, training pathways and community collaboration. Collectively, these initiatives mitigate social and labour risks, support regulatory compliance and contribute to sustainable communities, reinforcing operational stability and long-term stakeholder value.

Barberton Blueberries project

The Barberton Blueberries project, the Group's flagship sustainable agricultural initiative developed as an alternative livelihood to mining in the Barberton region, delivered increased social impact, reinforcing Pan African's commitment to shared value creation. Improved operational performance during the reporting period delivered a 28% year-on-year increase in harvest volumes to 121t, supporting the creation of over 250 seasonal jobs at peak harvest, in addition to 25 permanent positions. The total harvest season salary spend amounted to approximately US$0.3 million, directly benefiting the host communities.

Corporate governance

Governance remains a core pillar of the Group's ESG framework, underpinning disciplined decision-making, regulatory compliance, and sustainable value creation.

Governance maturity was further strengthened by completing an independent ESG gap analysis, which informed a structured two-year programme to align disclosures with IFRS S1 and IFRS S2, in line with the provisions of the LSE.

The Group's ESG assurance framework continues to advance, with 16 key sustainability indicators scheduled for independent assurance in FY26, enhancing transparency, accountability and confidence in reported performance across material ESG matters and the Group's Sustainability Bond, supporting Pan African's long-term sustainability strategy.

Pan African won the 'Best ESG Initiative by a Mining Company' award for the MTR operation at the 2025 Resourcing Tomorrow conference held in December 2025, where competing entries included projects from other international mining groups. This award recognises the Group's commitment to creating immediate positive impacts on the environment and local communities, following years of neglect in the area.

Financial Performance

Revenue

Revenue increased by 157.3% to US$487.1 million (FY25H1: US$189.3 million) as a result of a 51.5% increase in production and a 61.6% increase in the US$ gold price received.

Cost of production

Production costs are incurred in South African rand and Australian dollar, the functional currencies of the Group's main operating entities, with translations to US$ impacted by the average US/A$ exchange rates, with the US/A$ remaining consistent relative to the previous reporting period. The Group's production costs increased by 64.4% in US$ terms, primarily due to Tenant Mines and MTR reaching steady state in the current reporting period. The increases in cost of production due to Tenant Mines and MTR reaching steady state were 25.1% and 18.4%, respectively. The explanations below exclude the impact of the exchange rate movements.

Mining and processing costs: increased by 84.9%, of which 32.6% relates to Tenant Mines and 21.0% to MTR, an increase of 18.5% due to additional ore purchased, predominantly from the recommencement of the Evander Mines surface sources business, a 9.4% increase due to gold concentrate purchases at Barberton Mines and above-inflation cost increases in reagents
Salaries and wages: increased by 11.5% primarily as a result of an 8.6% increase related to Tenant Mines and 9.8% to MTR, and annual increases in salary costs, offset by a reduction in salary costs at Barberton Mines due to the section 189A restructuring
Electricity costs: increased by 40.6%, following a 12.7% regulatory increase and a 19.8% increase due to the electricity consumption at MTR and 2% at Tenant Mines, increased consumption at Elikhulu relating to the construction of the Winkelhaak pump station and the phase 2 water treatment plant, offset by the use of solar energy at the Evander Mines and Fairview solar plants
Engineering: increased by 98.1%, of which 45.9% relates to Tenant Mines and 26.0% to MTR, and approximately 26.0% relating to additional repairs and maintenance carried out on infrastructure at Evander Mines and Barberton Mines
Realisation costs: increased by 176.1%, of which 54.1% relates to Tenant Mines and 19.1% related to MTR, coupled with additional gold recovered from by-products at Barberton Mines
Security costs: increased by 21.7%, of which 1.0% relates to Tenant Mines and 13.7% related to MTR, and inflation-related increases at the other operations.

The impact of these increases, together with higher gold production and the gold price received, resulted in the gross profit margin increasing from 28.5% to 54.3%, period-on-period.

Adjusted EBITDA, increased to US$245.2 million (FY25H1: US$58.0 million), and the EBITDA margin increased to 50.3% (FY25H1: 30.6%), following a US$297.7 million revenue increase, a US$77.9 million increase in production costs (excluding depreciation) and a US$26.5 million increase in other expenses.

Depreciation and Amortisation

The depreciation and amortisation charge included in cost of production increased by 63.1%, primarily due to five months of steady-state production at Tenant Mines and full-period steady-state production at MTR.

Other Expenses

Other expenses increased by 199.7%, primarily driven by a 162.4% rise in the share-based payment expense following an increase in the share price. In addition, corporate costs increased due to higher costs associated with the transfer to the Main Board of the LSE.

Gain on Acquisition

The gain on acquisition of US$28.0 million in the previous reporting period arose due to the acquisition of Tenant company. Refer to note 13.2 of the unaudited condensed consolidated interim financial statements.

Net Finance Costs

Net finance costs increased by 7.4%, largely due to borrowing costs of US$3.2 million that were capitalised to the MTR operation in the previous reporting period. Finance costs on the Group's borrowings decreased by 13.1% to US$9.9 million (FY25H1: US$11.4 million), as a result of the reduction in borrowings in the current reporting period.

Tax

The income tax expense for the current reporting period gave rise to an effective tax rate of 29.6%, which is higher than the previous reporting period's rate of 19.4%. The 442.6% increase in the Group's income tax expense is primarily attributable to the tax charge increasing to US$62.1 million (FY25H1: US$11.4 million), following an increase in the Group's taxable profit. The deferred tax expense increased to US$37.7 million (FY25H1: US$6.3 million).

Earnings per Share and Headline Earnings per Share

EPS increased to US 7.30 cents per share (FY25H1: US 2.50 cents per share (restated)).

HEPS increased to US 7.34 cents per share (FY25H1: US 1.20 cents per share).

EPS and HEPS are calculated by applying the Group's weighted average number of shares of 2,027.3 million shares outstanding (FY25H1: 1,929.4 million shares) to attributable earnings and headline earnings. Included in EPS in the previous reporting period is a gain on acquisition relating to the Tenant company transaction. This gain amounting to US$28.0 million is excluded from HEPS.

Assets

Capital expenditure on property, plant and equipment amounted to US$66.1 million (FY25H1: US$95.6 million), which included sustaining capital expenditure of US$10.7 million (FY25H1: US$6.5 million) and expansion capital expenditure of US$55.3 million (FY25H1: US$89.1 million). The decreased capital expenditure is mainly due to the MTR plant being completed during the previous reporting period.

Equity

The Group's net assets increased to US$687.2 million (FY25H1: US$424.4 million). Equity increased by the profit for the period and a foreign translation gain of US$38.0 million (FY25H1: US$16.4 million (loss)), due to the appreciation of the rand, offset by the net dividend payments to shareholders of US$44.0 million (FY25H1: US$23.7 million), which related to FY25 and FY24, respectively.

Liabilities

The environmental rehabilitation liability increased by US$7.3 million, mainly due to a decrease in the government bond rates from the previous reporting period.

Borrowings decreased to US$128.8 million (FY25H1: US$230.1 million), which is attributable to contractual and voluntary repayments on facilities due to increased cash generated.

The Group is obligated to redeem principal debt of US$56.5 million during the next 12 months.

Trade and other payables increased to US$65.9 million (FY25H1: US$46.1 million), predominantly due to Tenant Mines reaching steady state, resulting in an increase in trade payables of US$13.6 million.

The contract liability relates to a forward sale contract with Rand Merchant Bank (RMB) for the delivery of 2,250oz of gold in January 2026. The prior period contract liability relates to an upfront consideration of US$21.6 million, received in March 2023, from the synthetic gold forward sale transaction. This liability is recognised as revenue over a 24-month period and was settled in FY25H2.

The share-based payment obligations increased due to a rise in the Group's share price.

Capital Structure and Financing Arrangements

The PARS01 notes amounting to US$8.5 million were settled in the current reporting period, with the PARS02 and PARS03 notes remaining in place. In the previous reporting period, Pan African issued additional notes under the domestic medium-term note (DMTN) to the value of US$22.9 million.

During the reporting period, the sustainability-linked bond, revolving credit facility (RCF) and term loan facility remain in place with no adjustments to the terms, however, the term loan facility was settled in January 2026.

Cash Flows

Net cash from operating activities before dividend, tax, royalties and net finance costs increased by US$221.8 million to US$259.5 million (FY25H1: US$37.7 million), due to increased gold production and the higher gold price, with cash from operating activities increasing by US$174.2 million, notwithstanding a US$20.3 million increase in net dividends paid of US$44.0 million (FY25H1: US$23.7 million).

Cash used in investing activities of US$63.8 million (FY25H1: US$62.4 million) includes capital expenditure on property, plant and equipment and reduced due to the MTR plant being completed during the previous reporting period.

Cash from financing activities includes proceeds from borrowings of nil (FY25H1: US$95.5 million) and repayment of senior debt facilities of US$70.0 million (FY25H1: US$16.7 million).

Pan African has sufficient liquidity at the end of the reporting period, with access to cash and undrawn facilities at period-end of US$158.9 million (FY25H1: US$32.3 million).

Director Dealings

No directorship changes took place during the reporting period.

The following dealings in securities by directors took place during the reporting period:

Cobus Loots and LTS Ventures Proprietary Limited, as an entity associated with him, entered into the following share transactions:
- Disposal of 100,000 ordinary shares at ZAR22.15 per share on 17 October 2025 by LTS Ventures Proprietary Limited
- Disposal of 100,000 ordinary shares at ZAR22.20 per share on 17 October 2025 by LTS Ventures Proprietary Limited
- Disposal of 200,000 ordinary shares at 87.5 pence per share on 22 September 2025
- Closure of long CFD (contract for difference) position of 164,280 CFDs at 87.5 pence per share on 22 September 2025
- Closure of long CFD position of 150,000 CFDs at 76.123 pence per share on 10 September 2025
- Disposal of 500,000 ordinary shares at ZAR18.19 per share on 10 September 2025 by LTS Ventures Proprietary Limited
- Disposal of 200,000 ordinary shares at 76.2 pence per share on 10 September 2025.

Cobus Loots holds 4,897,154 indirect beneficial shares representing 0.2098% of the Company's issued share capital and a direct beneficial interest of 1,148,700 ordinary shares representing 0.04922% of the Company's issued share capital.

Marileen Kok acquired 20,000 ordinary shares at ZAR21.25 per share on 8 October 2025.

Marileen Kok holds 45,000 direct beneficial shares, representing 0.0019% of the Company's issued share capital.

LSE Listing

The financial information for the period ended 31 December 2025 does not constitute statutory accounts as defined in sections 435(1) and 435(2) of the UK Companies Act 2006 (Companies Act 2006). The Group's interim results have been prepared in accordance with IFRS Accounting Standards and International Financial Reporting Interpretations Committee interpretations, with those parts of the Companies Act 2006 applicable to companies reporting under IFRS Accounting Standards.

JSE LIMITED LISTING

The Company has a dual primary listing on the JSE Limited (JSE) and the Main Market of the LSE, as well as a sponsored Level 1 American Depository Receipt (ADR) programme in the United States of America (USA) through the Bank of New York Mellon (BNY Mellon). The Group's interim results have been prepared and presented in accordance with and contain the information required by IAS 34: Interim Financial Reporting, as well as the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council and the JSE Listings Requirements. The accounting policies are in accordance with IFRS Accounting Standards and are consistent with those applied in the FY25 consolidated annual financial statements.

SECONDARY LISTING ON THE A2X MARKET

Pan African's ordinary shares are also traded on the A2X Market (A2X) exchange, effective Monday, 13 December 2021 (the A2X listing date). Pan African will retain its primary listings on the LSE and the JSE and its Level 1 ADR programme in the USA. Its issued share capital has been unaffected by the secondary listing on A2X and its ordinary shares are available to be traded on the LSE, JSE, ADR and A2X. A2X is a licensed stock exchange authorised to provide a secondary listing venue for companies and is regulated by the Financial Sector Conduct Authority and the South African Reserve Bank's Prudential Authority, in terms of the Financial Markets Act, 19 of 2012.

ADR PROGRAMME

On 2 July 2020, Pan African established a sponsored Level 1 ADR programme on the over-the-counter (OTC) market in the USA, with BNY Mellon being the appointed depository. Each depository receipt in the ADR programme represents 20 ordinary shares in Pan African and trades under the symbol PAFRY. On 23 October 2020, to enhance the Company's visibility and provide better access to prospective USA retail investors, the ADR programme was upgraded and approved for listing on the OTCQX Best Market in the USA. To qualify for trading on the OTCQX, which is the highest tier of the OTC market, Pan African has complied with the necessary requirements, including the required financial standards, corporate governance requirements and compliance with applicable securities laws. The Company's ordinary shares trade under the symbol PAFRP on the OTCQX.

Outlook and Prospects

Our primary focus for the short term is safely delivering into our production guidance and successfully executing capital projects that will sustain and increase future gold production.

In particular, we will:

continue our focus on health and safety initiatives in our proactive journey to 'zero harm'
focus on achieving production and cost guidance
execute capital projects designed to sustain and increase future gold production
continue the Group's ESG initiatives and advance our renewable energy roadmap as part of the decarbonisation strategy
maintain focus on generating sustainable shareholder returns with increased dividends
explore further growth opportunities in a responsible and circumspect manner.

Appreciation

I would like to thank our motivated leadership, dedicated staff and contractors for their unwavering commitment to the ongoing success and sustainability of the Group.

I am grateful for the support and guidance from our trusted board in navigating challenges and opportunities as we prepare for the exciting expansion of our horizons in the future.

Forward-Looking Information

Any forward-looking information contained in this announcement is the sole responsibility of the directors 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, this inside information is now considered to be in the public domain.

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

Cobus Loots

Chief executive officer

Johannesburg

18 February 2026

For further information on Pan African, please visit the Company's website at: www.panafricanresources.com

Unaudited Condensed Consolidated Interim Financial Statements

Primary Statements

Condensed Consolidated Statement of Financial Position

As at

US$ thousand	Notes	Unaudited 31 December 2025	Unaudited restated 31 December 2024	Audited 30 June 2025
ASSETS
Non-current assets
Property, plant and equipment¹	7	917,869	714,618	824,450
Goodwill		18,316	16,083	17,098
Intangible assets		578	553	616
Deferred tax assets	6.2	2,130	608	2,072
Long-term inventory¹		26,410	39,778	25,698
Environmental rehabilitation obligation fund		31,889	26,140	29,118
Total non-current assets		997,192	797,780	899,052
Current assets
Inventory		45,642	24,596	38,887
Trade and other receivables		15,888	15,386	15,496
Current tax assets		5,643	2,593	1,542
Restricted cash	9	2,479	-	-
Cash and cash equivalents		90,115	17,158	49,532
Total current assets		159,767	59,733	105,457
Total assets		1,156,959	857,513	1,004,509

¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.

US$ thousand	Notes	Unaudited 31 December 2025	Unaudited restated 31 December 2024	Audited 30 June 2025
EQUITY AND LIABILITIES
Equity
Share capital	12	39,415	39,442	39,442
Share premium		10,877	49,246	10,877
Retained earnings¹		821,644	624,257	717,642
Reserves¹		(182,258)	(286,739)	(219,136)
Equity attributable to owners of the Company		689,678	426,026	548,825
Non-controlling interests		(2,442)	(1,854)	(2,157)
Total equity		687,236	424,352	546,668
Non-current liabilities
Environmental rehabilitation obligation		28,285	20,948	23,982
Borrowings	10	72,182	208,282	103,642
Lease liabilities		4,365	2,039	2,607
Financial liabilities		890	2,356	936
Share-based payment obligations	11	11,262	10,213	10,297
Deferred tax liabilities¹	6.2	189,111	102,131	140,506
Total non-current liabilities		306,095	345,969	281,970
Current liabilities
Trade and other payables		65,866	46,065	72,643
Borrowings	10	56,597	21,784	86,335
Lease liabilities¹		1,452	616	1,050
Contract liability	4.2	9,747	1,766	-
Financial liabilities¹		633	1,213	2,370
Gold loan		-	7,949	-
Share-based payment obligations	11	23,256	5,532	11,190
Derivative financial liability		-	727	1,848
Current tax liabilities		6,077	1,540	435
Total current liabilities		163,628	87,192	175,871
Total equity and liabilities		1,156,959	857,513	1,004,509

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the period ended 31 December

US$ thousand	Notes	Unaudited six months ended 31 December 2025	Unaudited restated six months ended 31 December 2024
Revenue	4	487,062	189,334
Cost of production		(222,609)	(135,378)
Gross profit		264,453	53,956
Other income		3,464	3,599
Other expenses		(39,728)	(13,254)
Bargain purchase gains¹		-	28,019
Impairment losses on non-financial assets		(335)	(2,995)
Royalty costs		(8,166)	(1,402)
Profit before finance income and finance costs		219,688	67,923
Finance income	5	1,810	968
Finance costs	5	(11,565)	(10,053)
Profit before tax		209,933	58,838
Income tax expense	6	(62,091)	(11,443)
Profit for the period		147,842	47,395
Other comprehensive income/(loss)
Items that may be reclassified to profit or loss
Foreign currency translation gain/(loss)		38,009	(16,264)
Items that may not be reclassified to profit or loss
Fair value adjustment on investment at fair value through other comprehensive income¹		-	2,107
Tax thereon		-	-
Other comprehensive income/(loss) for the period, net of tax		38,009	(14,157)
Total comprehensive income for the period		185,851	33,238
Profit/(loss) attributable to:
Owners of the Company		147,967	48,215
Non-controlling interests		(125)	(820)
Total comprehensive income/(loss) attributable to:
Owners of the Company		185,851	33,238
Non-controlling interests		(285)	(740)
Basic and diluted earnings per share (US cents)¹		7.30	2.50
Weighted average number of shares in issue (thousand)	12	2,027,345	1,929,379
Diluted average number of shares in issue (thousand)	12	2,027,345	1,929,379

Condensed Consolidated Statement of Changes in Equity

For the period ended 31 December

US$ thousand	Note	Unaudited six months ended 31 December 2025	Unaudited restated six months ended 31 December 2024
Shareholders' equity at the beginning of the period		546,668	364,103
Other comprehensive income/(loss)¹		38,009	(14,157)
Profit for the period		147,842	47,395
Shares issued	12	-	50,686
Shares buy-back	12	(1,314)	-
Dividends paid		(50,613)	(27,459)
Reciprocal dividends - PAR Gold Proprietary Limited (PAR Gold)²		6,644	3,784
Total equity at the end of the period		687,236	424,352

² Reciprocal dividend - PAR Gold refers to the intra-Group transaction which relates to the dividend paid on the treasury shares held by PAR Gold. Refer to note 12. PAR Gold holds 13.1% (FY25H1: 13.1%) of the issued share capital of the Company.

Condensed Consolidated Statement of Cash Flows

For the period ended 31 December

US$ thousand	Note	Unaudited six months ended 31 December 2025	Unaudited restated six months ended 31 December 2024
Cash flows from operating activities
Net cash from operating activities before dividend, tax, royalties and net finance costs¹	15	259,488	37,734
Income tax paid		(27,263)	(5,823)
Income tax refund		803	-
Royalties paid		(8,917)	(1,442)
Finance costs paid		(9,407)	(10,997)
Finance income received		208	954
Dividend paid		(50,613)	(27,459)
Reciprocal dividend received		6,644	3,784
Net cash from/(used in) operating activities¹		170,943	(3,249)
Cash flows from investing activities
Payments for property, plant and equipment		(62,986)	(92,402)
Payments for intangible assets		(43)	-
Proceeds from disposal of property, plant and equipment		471	281
Cash acquired on acquisition of subsidiaries		-	9,689
Withdrawal from environmental rehabilitation obligation fund		-	8
Increase in restricted cash		(1,255)	-
Net cash used in investing activities		(63,813)	(82,424)
Cash flow from financing activities
Share buy-back		(1,314)	-
Proceeds from borrowings		-	95,538
Repayment of borrowings		(69,962)	(16,704)
Repayment of lease liabilities		(1,025)	(491)
Repayment of financial liabilities		(2,034)	(161)
Net cash (used in)/from financing activities¹		(74,335)	78,182
Net increase/(decrease) in cash and cash equivalents		32,795	(7,491)
Cash and cash equivalents at the beginning of the period		49,532	26,332
Effect of foreign exchange rate changes		7,788	(1,683)
Cash and cash equivalents as at 31 December		90,115	17,158

¹ During the current interim reporting period, the Group reviewed the presentation of cash proceeds received under a short-term gold loan arrangement recognised in the comparative reporting period. These cash flows were previously presented as financing activities when they should have been presented as operating activities, as the arrangement was settled through the physical delivery of gold bullion (recognised in revenue) as opposed to cash. The comparative reporting period has been restated to reflect the reclassification.

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended 31 December

1. Basis of Preparation and Material Accounting Policies

These condensed consolidated interim financial statements for the half-year reporting period ended 31 December 2025 have been presented in accordance with UK-adopted IAS 34: Interim Financial Reporting. The accounting policies applied in compiling the condensed consolidated interim financial statements are consistent with those applied in preparing the Group's annual financial statements for the year ended 30 June 2025.

The financial information set out in these condensed consolidated interim financial statements does not constitute the Company's statutory accounts for the period ended 31 December 2025 within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 June 2025 were approved by the board of directors on 10 September 2025 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain any emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006.

The interim results have been prepared in accordance with the requirements of the Companies Act 2006. The interim financial statements have also been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. As applied to the Group, there are no material differences between UK-adopted International Accounting Standards and IFRS Accounting Standards. Furthermore, these financial statements have been prepared in accordance with the SAICA Financial Reporting Guidelines, as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council and the JSE and LSE Listings Requirements.

Going concern

The Group closely monitors and manages its liquidity risk by means of a centralised treasury function. Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, changes in commodity prices and different production profiles from the Group's operations.

The Group had US$68.7 million (FY25H1: US$15.4 million) of available debt facilities and US$90.1 million (FY25H1: US$17.2 million) of cash and cash equivalents as at 31 December 2025.

Based on the current status of the Group's finances, having considered going concern forecasts and reasonably possible downside scenarios, using a gold price of US$2,200/oz and reduced production volumes, the Group's forecasts based on board-approved budgets demonstrate that it will have sufficient liquidity headroom to meet its obligations in the ordinary course of business, and will comply with financial covenants for the 12 months from the date of approval of the condensed consolidated interim financial statements.

The board has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group continued to adopt the going concern basis of accounting in the preparation of the 31 December 2025 condensed consolidated interim financial statements.

Alternative performance measures

The Group makes reference to APMs in conjunction with IFRS Accounting Standards when assessing its reported financial performance, financial position and cash flows. APMs should be considered in addition to, and not as a substitute for or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS Accounting Standards. Further information on APMs is provided on pages 66 to 77.

2. Significant Judgements and Estimates

The preparation of the Group's condensed consolidated interim financial statements in accordance with UK-adopted International Accounting Standards and IFRS Accounting Standards requires management to make judgements, estimates and assumptions that may materially affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses.

These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances, historical experience, expected future conditions and other factors. Actual results may differ from the amounts included in the financial statements.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.

Significant judgements

Information about judgements made in applying accounting policies that have the most significant effect on the amounts recognised in the condensed consolidated interim financial statement is as follows:

Cash-generating units

The Group defines a cash-generating unit (CGU) as the smallest identifiable group of assets that generate cash flows largely independent of cash flows from other assets or a group of assets. The allocation of assets to a CGU requires judgement.

The Group's CGUs have been determined as follows:

Barberton Mines' underground operations:Underground operations (Fairview, Sheba and Consort) are reliant on the Fairview BIOX plant for processing, and these operations have been grouped together as a single CGU
BTRP:The BTRP has the ability to treat and smelt gold independently of the Fairview BIOX plant and is independent of the underground operations, resulting in the BTRP representing a single CGU
Egoli project:A drilling programme and feasibility study were completed in September and November 2017, respectively. Dewatering in accordance with the phased development approach has commenced. The Egoli project will be developed as a project independent of Evander Mines' underground operations resulting in the project representing a separate CGU
Elikhulu:The surface mining operation has been constructed in a manner such that it is independent of Evander Mines' underground operations, resulting in Elikhulu being determined as a single CGU
Evander Mines' underground operations:This CGU includes 7 Shaft, 8 Shaft and the run-of-mine circuit at the Kinross metallurgical plant and 8 Shaft pillar mining, which are independent of Elikhulu and the Egoli project, resulting in them representing a single CGU
Agricultural ESG projects:This CGU comprises Barberton Blue Proprietary Limited (Barberton Blue) as well as other small-scale agricultural projects in Barberton Mines' host community areas
Solar projects:Currently consist of the solar plants located at Evander Mines, the solar plant of Barberton Mines and the extension of Evander Mines' solar plant
MTR operation:This CGU comprises MTR, Mogale Gold Proprietary Limited (Mogale Gold) and Mintails SA Soweto Cluster Proprietary Limited and consists of a tailings retreatment plant commissioned in October 2024
Tenant Mines:This CGU is located in the Northern Territory of Australia and complements the Group's current portfolio of high-margin, long-life surface mining operations
Sudan:This CGU consists of exploration assets and five prospecting concessions (or exploration licences) in north-eastern Sudan.

Significant assumptions and estimates

Information about assumptions and estimation uncertainties as at 31 December 2025 that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next reporting period is as follows:

Cash flow projections and key assumptions

Expected future cash flows used in discounted cash flow models are inherently uncertain and could materially change over time. Cash flow projections are significantly affected by a number of factors, including Mineral Resources and Mineral Reserves, and economic factors such as commodity prices, discount rates, estimates of production costs and future capital expenditure.

Cash flow projections are based on financial forecasts and LoM plans incorporating key assumptions as detailed below:

Mineral Resources and Mineral Reserves:Mineral Reserves and, where considered appropriate, Mineral Resources reflected within projected cash flows, based on Mineral Resources and Mineral Reserves statements (in accordance with the SAMREC Code for South African properties) and exploration and evaluation work undertaken by appropriately qualified persons. Mineral Resources are included where management has a high degree of confidence in their economic extraction, despite additional evaluation still being required prior to meeting the required confidence to convert to Mineral Reserves
Commodity prices:Commodity prices are based on the latest internal forecasts, benchmarked to external sources of information, to ensure that they are within the range of available analyst forecasts. Where existing sales contracts are in place, the effects of such contracts or hedging arrangements are considered in determining future cash flows
Discount rates:Value in use and fair value, less cost of disposal, projections are sensitive to changes in the discount rate
Operating costs, capital expenditure and other operating factors:Operating costs and capital expenditure are based on financial budgets. Cash flow projections are based on LoM plans and internal management forecasts. Cost assumptions incorporate management experience and expectations, as well as the nature and location of the operation and the risks associated therewith (for example, the grade of Mineral Resources and Mineral Reserves varying significantly over time and unforeseen operational issues).

Deferred tax rate applied within the Group

South African income tax on gold mining income is determined according to the gold formula that takes into account the taxable income and revenue from gold mining operations. The Group prepares nominal cash flow models to calculate the expected average income tax rate over the LoM. Judgement was applied in the determination of the future expected deferred tax rates of the Group's mining entities.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised, or the liability is settled, based on tax rates and laws that have been enacted or substantively enacted by the reporting date. The rates used to calculate deferred tax are based on the current estimate of future profitability when temporary differences will be utilised. The respective rates are calculated based on management's best estimate through which the temporary difference will be realised over the life of the mining operations.

3. Segment Analysis

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, responsible for allocating resources and assessing the performance of the operating segments, has been identified as the Pan African executive committee (Exco). The operating segments of the Group are determined based on the reports used to make strategic decisions that are reviewed by Exco. Exco considers the business principally according to the location and nature of the products and services provided, with each segment representing a strategic business unit.

The reportable segments comprise the following:

Mining operations

These segments derive their revenue from mining, extraction, production and the sale of gold.

South African operations

Barberton Minesincluding the BTRP located in Barberton
Evander Mines:Elikhulu, the underground 8 Shaft pillar, the 24, 25 and 26 Level project, the Egoli project and surface sources located in Evander
Solar projectscurrently consist of the solar plant located at Evander Mines, the solar plant at Barberton Mines (commissioned in October 2024) and the extension of Evander Mines' solar plant.

Australian operations

Tenant Minesis located in the Northern Territory of Australia and complements the Group's current portfolio of high-margin, long-life surface remining operations. The segment includes Yungatha Asset Holdings Proprietary Limited (Yungatha) which operates a motel in the Tenant Creek region to support the workforce requirements of local mining companies, including Tenant company employees.

Other operations

Exploration assetsconsist of five prospecting concessions (or exploration licences) in north-eastern Sudan (the Block 12 concessions), covering an area of almost 1,100km² and located approximately 70km north-west of Port Sudan
Agricultural ESG projectsmainly comprise the Group's Barberton Blueberries project (Barberton Blue), as well as other small-scale agricultural projects in Barberton Mines' host community areas
Corporateconsists mainly of the Group's holding companies and management services company which renders services to the Group and is located in Johannesburg
Funding Companyis the centralised treasury function of the Group located in Johannesburg.

The segment results have been presented based on Exco's reporting format, in accordance with the disclosures presented as follows:

US$ thousand	Unaudited six months ended 31 December 2025 Barberton Mines	Unaudited six months ended 31 December 2025 Evander Mines	Unaudited six months ended 31 December 2025 Solar projects	Unaudited six months ended 31 December 2025 MTR operation	Unaudited six months ended 31 December 2025 Tenant Mines	Unaudited six months ended 31 December 2025 Mining operations	Unaudited six months ended 31 December 2025 Exploration assets	Unaudited six months ended 31 December 2025 Agricultural ESG projects	Unaudited six months ended 31 December 2025 Corporate	Unaudited six months ended 31 December 2025 Funding Company	Unaudited six months ended 31 December 2025 Group total
Revenue	141,616	199,178	-	87,483	58,212	486,489	-	573	-	-	487,062
Cost of production	(75,028)	(75,943)	(1,193)	(37,401)	(32,279)	(221,844)	-	(765)	-	-	(222,609)
Salaries and wages	(22,011)	(5,249)	-	(4,069)	(2,541)	(33,870)	-	(260)	-	-	(34,130)
Mining	(12,514)	(13,001)	-	(3,964)	(6,506)	(35,985)	-	-	-	-	(35,985)
Processing and metallurgy	(14,000)	(23,530)	(241)	(11,257)	(9,803)	(58,831)	-	(139)	-	-	(58,970)
Engineering and technical services	(5,674)	(7,138)	(118)	(3,023)	(4,673)	(20,626)	-	(54)	-	-	(20,680)
Electricity	(7,105)	(13,695)	-	(5,660)	(362)	(26,822)	-	(16)	-	-	(26,838)
Administration and other	(3,667)	(2,751)	-	(1,426)	(4,157)	(12,001)	-	-	-	-	(12,001)
Realisation costs	(576)	(245)	(79)	(150)	(266)	(1,316)	-	(79)	-	-	(1,395)
Security	(2,876)	(1,429)	(27)	(930)	(44)	(5,306)	-	(27)	-	-	(5,333)
Fuel costs	(986)	(215)	(21)	(64)	(1,923)	(3,209)	-	(21)	-	-	(3,230)
Depreciation and amortisation	(5,619)	(8,690)	(707)	(6,858)	(2,004)	(23,878)	-	(169)	-	-	(24,047)
Gross profit	66,588	123,235	(1,193)	50,082	25,933	264,645	-	(192)	-	-	264,453
Other income	1,437	1,872	-	86	10	3,405	46	13	-	-	3,464
Other expenses	(6,663)	(3,490)	(12)	(4,262)	(3,180)	(17,607)	(146)	(51)	(21,787)	(137)	(39,728)
Royalty costs	(3,290)	(327)	-	-	(4,549)	(8,166)	-	-	-	-	(8,166)
Impairment loss on non-financial assets	-	-	-	-	-	-	-	(335)	-	-	(335)
Profit before finance income and finance costs	58,072	121,290	(1,205)	45,906	18,214	242,277	(100)	(565)	(21,787)	(137)	219,688
Finance income	4	166	2	3	47	222	-	3	134	1,451	1,810
Finance costs	(158)	(622)	-	(736)	(2,589)	(4,105)	-	-	(37)	(7,423)	(11,565)
Profit before tax	57,918	120,834	(1,203)	45,173	15,672	238,394	(100)	(562)	(21,690)	(6,109)	209,933
Income tax (expense)/credit	(16,144)	(30,126)	4	(11,488)	(4,425)	(62,179)	-	-	109	(21)	(62,091)
Profit for the period excluding intra-Group transactions	41,774	90,708	(1,199)	33,685	11,247	176,215	(100)	(562)	(21,581)	(6,130)	147,842
Revenue	-	-	2,875	-	-	2,875	-	-	45,521	-	48,396
Cost of production	(1,595)	(1,280)	-	-	-	(2,875)	-	-	-	-	(2,875)
Elimination of dividends received from/(paid to) fellow Group companies	-	-	-	-	-	-	-	-	(45,521)	-	(45,521)
Management fees	(2,926)	(2,064)	(230)	(1,092)	-	(6,312)	-	(43)	6,487	(132)	-
Finance income/(costs)	2,658	(2,391)	(1,456)	(3,995)	-	(5,184)	-	(339)	(916)	6,439	-
Profit after tax including intra-Group transactions	39,911	84,973	(10)	28,598	11,247	164,719	(100)	(944)	(16,010)	177	147,842

¹ Tenant Mines includes Tenant company and Yungatha.

² These disclosures have been disaggregated in light of the IFRS Interpretations Committee's final agenda decision relating to IFRS 8: Operating Segments on the disclosure of material income and expense line items for reportable segments.

³ Other income and other expenses exclude intra-Group management fees. Finance income and finance costs exclude intra-Group interest.

4 Refer to note 7.

Reconciliation of adjusted EBITDA

US$ thousand	Unaudited six months ended 31 December 2025 Barberton Mines	Unaudited six months ended 31 December 2025 Evander Mines	Unaudited six months ended 31 December 2025 Solar projects	Unaudited six months ended 31 December 2025 MTR operation	Unaudited six months ended 31 December 2025 Tenant Mines	Unaudited six months ended 31 December 2025 Mining operations	Unaudited six months ended 31 December 2025 Exploration assets	Unaudited six months ended 31 December 2025 Agricultural ESG projects	Unaudited six months ended 31 December 2025 Corporate	Unaudited six months ended 31 December 2025 Funding Company	Unaudited six months ended 31 December 2025 Group total
Profit/(loss) before finance income, finance costs and tax	58,072	121,290	(1,205)	45,906	18,214	242,277	(100)	(565)	(21,787)	(137)	219,688
Excluding: depreciation and amortisation included in gross profit	5,619	8,690	707	6,858	2,004	23,878	-	169	-	-	24,047
Excluding: other depreciation and amortisation	-	-	-	-	374	374	-	5	258	-	637
EBITDA	63,691	129,980	(498)	52,764	20,592	266,529	(100)	(391)	(21,529)	(137)	244,372
Excluding: impairment loss on non-financial assets	-	-	-	-	-	-	-	335	-	-	335
Excluding: loss on disposal of plant and equipment	-	-	-	479	10	489	-	2	-	-	491
Adjusted EBITDA	63,691	129,980	(498)	53,243	20,602	267,018	(100)	(54)	(21,529)	(137)	245,198

¹ Tenant Mines includes Tenant company and Yungatha.

² Adjusted EBITDA comprises earnings before interest, tax, depreciation and amortisation, adjusted for impairment losses and loss on disposal of plant and equipment.

US$ thousand	Unaudited six months ended 31 December 2025 Barberton Mines	Unaudited six months ended 31 December 2025 Evander Mines	Unaudited six months ended 31 December 2025 Solar projects	Unaudited six months ended 31 December 2025 MTR operation	Unaudited six months ended 31 December 2025 Tenant Mines	Unaudited six months ended 31 December 2025 Mining operations	Unaudited six months ended 31 December 2025 Exploration assets	Unaudited six months ended 31 December 2025 Agricultural ESG projects	Unaudited six months ended 31 December 2025 Corporate	Unaudited six months ended 31 December 2025 Funding Company	Unaudited six months ended 31 December 2025 Group total
Segment assets (total assets excluding goodwill)	206,678	447,695	28,289	174,440	142,651	999,753	594	2,665	70,195	65,436	1,138,643
Segment liabilities	81,151	143,783	64	50,518	102,360	377,876	32	31	316	91,468	469,723
Net assets/(liabilities) (excluding goodwill)²	125,527	303,912	28,225	123,922	40,291	621,877	562	2,634	69,879	(26,032)	668,920
Goodwill	18,316	-	-	-	-	18,316	-	-	-	-	18,316
Capital expenditure³	15,414	25,818	1,129	15,674	6,852	64,887	-	1	1,162	-	66,050

¹ Tenant Mines includes Tenant company and Yungatha.

² The segment assets and liabilities above exclude intra-Group balances.

³ Capital expenditure comprises additions to property, plant and equipment, mineral rights, exploration and intangible assets.

US$ thousand	Unaudited six months ended 31 December 2025 Barberton Mines	Unaudited six months ended 31 December 2025 Evander Mines	Unaudited six months ended 31 December 2025 Solar projects	Unaudited six months ended 31 December 2025 MTR operation	Unaudited six months ended 31 December 2025 Tenant Mines	Unaudited six months ended 31 December 2025 Mining operations	Unaudited six months ended 31 December 2025 Exploration assets	Unaudited six months ended 31 December 2025 Agricultural ESG projects	Unaudited six months ended 31 December 2025 Corporate	Unaudited six months ended 31 December 2025 Funding Company	Unaudited six months ended 31 December 2025 Group total
Reconciliation of adjusted EBITDA
Profit/(loss) before finance income, finance costs and tax	58,072	121,290	(1,205)	45,906	18,214	242,277	(100)	(565)	(21,787)	(137)	219,688
Excluding: depreciation and amortisation included in gross profit	5,619	8,690	707	6,858	2,004	23,878	-	169	-	-	24,047
Excluding: other depreciation and amortisation	-	-	-	-	374	374	-	5	258	-	637
EBITDA	63,691	129,980	(498)	52,764	20,592	266,529	(100)	(391)	(21,529)	(137)	244,372
Excluding: impairment loss on non-financial assets	-	-	-	-	-	-	-	335	-	-	335
Excluding: loss on disposal of plant and equipment	-	-	-	479	10	489	-	2	-	-	491
Adjusted EBITDA	63,691	129,980	(498)	53,243	20,602	267,018	(100)	(54)	(21,529)	(137)	245,198

¹ Tenant Mines includes Tenant company and Yungatha.

² Adjusted EBITDA comprises earnings before interest, tax, depreciation and amortisation, adjusted for impairment losses and loss on disposal of plant and equipment.

US$ thousand	Unaudited restated six months ended 31 December 2024 Barberton Mines	Unaudited restated six months ended 31 December 2024 Evander Mines	Unaudited restated six months ended 31 December 2024 Solar projects	Unaudited restated six months ended 31 December 2024 MTR operation	Unaudited restated six months ended 31 December 2024 Tenant Mines	Unaudited restated six months ended 31 December 2024 Mining operations	Unaudited restated six months ended 31 December 2024 Exploration assets	Unaudited restated six months ended 31 December 2024 Agricultural ESG projects	Unaudited restated six months ended 31 December 2024 Corporate	Unaudited restated six months ended 31 December 2024 Funding Company	Unaudited restated six months ended 31 December 2024 Group total
Revenue	94,195	75,325	-	19,394	-	188,914	-	420	-	-	189,334
Cost of production	(68,450)	(56,065)	(688)	(9,594)	-	(134,797)	-	(581)	-	-	(135,378)
Salaries and wages	(24,379)	(4,041)	-	(1,022)	-	(29,442)	-	(250)	-	-	(29,692)
Mining	(13,110)	(10,287)	-	(541)	-	(23,938)	-	-	-	-	(23,938)
Processing and metallurgy	(7,583)	(14,716)	-	(3,669)	-	(25,968)	-	(79)	-	-	(26,047)
Engineering and technical services	(3,994)	(5,676)	(186)	(281)	-	(10,137)	-	(41)	-	-	(10,178)
Electricity	(6,348)	(10,299)	-	(1,819)	-	(18,466)	-	(13)	-	-	(18,479)
Administration and other	(3,034)	(2,517)	-	(194)	-	(5,745)	-	-	-	-	(5,745)
Realisation costs	(218)	(182)	-	(51)	-	(451)	-	(41)	-	-	(492)
Security	(2,647)	(1,151)	(118)	(321)	-	(4,237)	-	(3)	-	-	(4,240)
Fuel costs	(1,142)	(198)	-	(476)	-	(1,816)	-	(7)	-	-	(1,823)
Depreciation and amortisation	(5,995)	(6,998)	(384)	(1,220)	-	(14,597)	-	(147)	-	-	(14,744)
Gross profit	25,745	19,260	(688)	9,800	-	54,117	-	(161)	-	-	53,956
Other income	-	1,643	-	102	1,253	2,998	224	2	66	309	3,599
Other expenses	(2,751)	(1,304)	(20)	(755)	(935)	(5,765)	(847)	(61)	(6,491)	(90)	(13,254)
Royalty costs	(1,284)	(118)	-	-	-	(1,402)	-	-	-	-	(1,402)
Bargain purchase gains	-	-	-	-	-	-	-	-	28,019	-	28,019
Impairment losses on non-financial assets	-	-	-	-	-	-	(2,995)	-	-	-	(2,995)
Profit before finance income and finance costs	21,710	19,481	(708)	9,147	318	49,948	(3,618)	(220)	21,594	219	67,923
Finance income	6	4	2	11	38	61	-	3	92	812	968
Finance costs	(182)	(911)	-	(703)	(486)	(2,282)	-	-	(10)	(7,761)	(10,053)
Profit before tax	21,534	18,574	(706)	8,455	(130)	47,727	(3,618)	(217)	21,676	(6,730)	58,838
Income tax expense	(5,767)	(2,745)	(211)	(1,617)	-	(10,340)	(1,103)	-	-	-	(11,443)
Profit for the period excluding intra-Group transactions	15,767	15,829	(917)	6,838	(130)	37,387	(4,721)	(217)	21,676	(6,730)	47,395
Revenue	-	-	324	-	-	324	-	-	27,999	-	28,323
Cost of production	(90)	(234)	-	-	-	(324)	-	-	-	-	(324)
Elimination of dividends received from/(paid to) fellow Group companies	-	-	-	-	-	-	-	-	(27,999)	-	(27,999)
Management fees	-	(622)	(223)	(1,065)	-	(1,910)	-	(42)	2,064	(112)	-
Finance income/(costs)	2,160	(3,057)	(1,011)	(2,161)	-	(4,069)	-	(334)	(4,929)	9,332	-
Profit after tax including intra-Group transactions	17,837	11,916	(1,827)	3,612	(130)	31,408	(4,721)	(593)	18,811	2,490	47,395