Group Trading Statement for the six months ended 31 December 2025 (current reporting period)

GROUP TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (CURRENT REPORTING PERIOD)

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next, will differ by at least 20% from the financial results for the previous corresponding period.

Pan African’s presentation currency is the United States dollar (US$) and its functional currencies are the South African rand (ZAR) and Australian Dollar (A$). Movements in the US$/ZAR and the US$/A$ exchange rates affect the Group’s US$ reported results. The average US$/ZAR and US$/A$ exchange rates, that prevailed during the current reporting period, are used in translating the Group’s ZAR and A$ financial performance into US$.

During the current reporting period, the average exchange rates were US$/ZAR:17.37 (2024: US$/ZAR:17.95) and US$/A$:1.52 (2024:US$/A$:1.52). The closing exchange rates as at 31   December   2025 were US$/ZAR:16.57 (2024: US$/ZAR:18.87) and US$/A$1.50 (2024: US$/A$:1.61).

The period-on-period movement in the average and closing US$/ZAR exchange rates of 3.2% and 12.2%, respectively, should be considered when comparing period-on-period results. The weighted average number of outstanding shares as at 31 December 2025 was 2,027,345,177 shares (2024: 1,929,379,411 shares).

Pan African advises shareholders that its earnings per share (EPS) is expected to be between US   7.18 cents per share and US 7.43 cents per share, compared to EPS of US 2.50 cents per share for the six-month period ended 31 December 2024 (corresponding reporting period) (as restated), an increase of between 187% and 197%, respectively. Headline earnings per share (HEPS) for the current reporting period is expected to be between US 7.28 cents per share and US 7.40 cents per share, compared to HEPS of US 1.20 cents per share for the corresponding reporting period, an increase of between 507% and 517%, respectively. The previously published EPS for the corresponding reporting period of US   2.35 cents per share has been restated (as disclosed above). The restatement arose from the acquisition of Tennant Consolidated Mining Group Proprietary Limited initially being accounted for on a provisional basis. The accounting was finalised by 30 June 2025, and the provisional amounts recognised as at 31 December 2024 have been restated to reflect the resulting measurement period adjustments.

The increase in EPS and HEPS for the current reporting period, relative to the corresponding reporting period, is primarily attributable to an increase in revenue of 157.3%, as a result of the following:

Group production is expected to increase further during the second half of the financial year ending 30 June 2026, largely attributable to increased production from the MTR expansion project and from Tennant Mines, with full year production guidance of 275,000oz to 292,000oz.

The financial information contained in this announcement has neither been reviewed nor audited by the Company’s auditors. The Group’s results for the six months ended 31 December 2025 will be released on 18 February 2026.

The information contained in 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 Regulatory Information Service ('RIS') and SENS, this inside information is now considered to be in the public domain.

Rosebank

11 February 2026

For further information on Pan African, please visit the Company's website at

www.panafricanresources.com