Pan African Resources Plc – Group Trading Statement for the six months ended 31 December 2025 (current reporting period)

PR Newswire

LONDON, United Kingdom, February 11

Pan African Pan African Resources Funding
Resources PLC Company Limited

(Incorporated Incorporated in the Republic of
and South Africa with limited
registered in liability
England and
Wales under Registration number:
the Companies 2012/021237/06
Act 1985 with
registered Alpha code: PARI
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»)

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 31December2025 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 US7.18 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 US2.35 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:

· an increase of 61.6% in the average US$ gold price received to US$3,812/oz
(2024: US$2,359); and
· an increase in gold produced of 51.5% to 128,296oz (2024: 84,705oz).

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

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