Pan African Resources Plc – Unaudited Condensed Consolidated Interim Financial Results for the six months ended December 2025

PR Newswire

LONDON, United Kingdom, February 18

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»)

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).

The following tools will assist you throughout the report:

For further reading on our website at: www.panafricanresources.com

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 |US$/oz |3,812 |2,359 |61.6 |
|received | | | | |
+———————–+———–+——-+——-+—————–+
|Cash costs |US$/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 -|US$ million|148.0 |48.2 |207.1 |
|owners of the Company² | | | | |
+———————–+———–+——-+——-+—————–+
|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 |US$ million|259.5 |37.7 |588.3 |
|operating activities³ | | | | |
+———————–+———–+——-+——-+—————–+
|Net debt® |US$ million|46.2 |228.5 |(79.8) |
+———————–+———–+——-+——-+—————–+
|Total sustaining |US$ million|9.6 |6.0 |60.0 |
|capital expenditure | | | | |
+———————–+———–+——-+——-+—————–+
|Total capital |US$ million|66.1 |95.6 |(30.9) |
|expenditure | | | | |
+———————–+———–+——-+——-+—————–+
|Net asset value per |US cents |33.9 |20.9 |62.2 |
|share®2 | | | | |
+———————–+———–+——-+——-+—————–+
|Weighted average number|million |2,027.3|1,929.4|5.1 |
|of shares in issue | | | | |
+———————–+———–+——-+——-+—————–+
|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[image] |1.52 |1.52 |- |
+———————–+———–+——-+——-+—————–+
|Closing exchange rate |US[image] |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|Gold |AISC® |Expansion |Sustaining capital US$ million|
|period |production|US$$ |capital US $$| |
| |Koz |/oz |million | |
+———+———-+——-+————-+——————————+
|FY27 |50 – 54 |1,800 -|100 |7 |
| | |2,000 | | |
+———+———-+——-+————-+——————————+
|FY28 |68 – 73 |1,700 -|66.5 |13.6 |
| | |1,850 | | |
+———+———-+——-+————-+——————————+
|FY29 |90 – 100 |1,600 -|10.5 |27.8 |
| | |1,750 | | |
+———+———-+——-+————-+——————————+

Key capital projects that have been brought forward include:

· the expedited development of the high-grade and long-life Juno underground
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 Forty Small 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 Devil open 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 AISC³⁰ 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 |Expansion capital US$ million FY26|
| |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 |20.7 |135.6 |
|expenditure | | |
|budget¹ | | |
+—————+————+———————————-+

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 |Gold |Planned capital|Planned capital|
| |production |production |investment |investment |
| |range Lower|range Upper|Expansion² |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 |65,000 |70,000 |31 |30 |
|underground⁵ | | | | |
+——————–+———–+———–+—————+—————+
|Evander Mines |50,000 |54,000 |32 |8 |
|underground⁵ | | | | |
+——————–+———–+———–+—————+—————+
|Total production and|280,000 |302,000 |215 |51.5 |
|capital expenditure | | | | |
|outlook | | | | |
+——————–+———–+———–+—————+—————+

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 Disclosures guidance. 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 Mines advanced 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 |Unaudited |Audited 30|
| | |December 2025|restated 31 |June 2025 |
| | | |December 2024| |
+——————–+—–+————-+————-+———-+
|ASSETS | | | | |
+——————–+—–+————-+————-+———-+
|Non-current assets | | | | |
+——————–+—–+————-+————-+———-+
|Property, plant and |7 |917,869 |714,618 |824,450 |
|equipment¹ | | | | |
+——————–+—–+————-+————-+———-+
|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 | |31,889 |26,140 |29,118 |
|rehabilitation | | | | |
|obligation fund | | | | |
+——————–+—–+————-+————-+———-+
|Total non-current | |997,192 |797,780 |899,052 |
|assets | | | | |
+——————–+—–+————-+————-+———-+
|Current assets | | | | |
+——————–+—–+————-+————-+———-+
|Inventory | |45,642 |24,596 |38,887 |
+——————–+—–+————-+————-+———-+
|Trade and other | |15,888 |15,386 |15,496 |
|receivables | | | | |
+——————–+—–+————-+————-+———-+
|Current tax assets | |5,643 |2,593 |1,542 |
+——————–+—–+————-+————-+———-+
|Restricted cash |9 |2,479 |- |- |
+——————–+—–+————-+————-+———-+
|Cash and cash | |90,115 |17,158 |49,532 |
|equivalents | | | | |
+——————–+—–+————-+————-+———-+
|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 |Unaudited |Audited 30|
| | |December 2025|restated 31 |June 2025 |
| | | |December 2024| |
+———————-+—–+————-+————-+———-+
|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| |689,678 |426,026 |548,825 |
|owners of the Company | | | | |
+———————-+—–+————-+————-+———-+
|Non-controlling | |(2,442) |(1,854) |(2,157) |
|interests | | | | |
+———————-+—–+————-+————-+———-+
|Total equity | |687,236 |424,352 |546,668 |
+———————-+—–+————-+————-+———-+
|Non-current | | | | |
|liabilities | | | | |
+———————-+—–+————-+————-+———-+
|Environmental | |28,285 |20,948 |23,982 |
|rehabilitation | | | | |
|obligation | | | | |
+———————-+—–+————-+————-+———-+
|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 |11 |11,262 |10,213 |10,297 |
|obligations | | | | |
+———————-+—–+————-+————-+———-+
|Deferred tax |6.2 |189,111 |102,131 |140,506 |
|liabilities¹ | | | | |
+———————-+—–+————-+————-+———-+
|Total non-current | |306,095 |345,969 |281,970 |
|liabilities | | | | |
+———————-+—–+————-+————-+———-+
|Current liabilities | | | | |
+———————-+—–+————-+————-+———-+
|Trade and other | |65,866 |46,065 |72,643 |
|payables | | | | |
+———————-+—–+————-+————-+———-+
|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 |11 |23,256 |5,532 |11,190 |
|obligations | | | | |
+———————-+—–+————-+————-+———-+
|Derivative financial | |- |727 |1,848 |
|liability | | | | |
+———————-+—–+————-+————-+———-+
|Current tax | |6,077 |1,540 |435 |
|liabilities | | | | |
+———————-+—–+————-+————-+———-+
|Total current | |163,628 |87,192 |175,871 |
|liabilities | | | | |
+———————-+—–+————-+————-+———-+
|Total equity and | |1,156,959 |857,513 |1,004,509 |
|liabilities | | | | |
+———————-+—–+————-+————-+———-+

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive
Income

For the period ended 31 December

US$ thousand Notes Unaudited six months Unaudited restated six
ended 31 December months ended 31 December
2025 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 – 28,019
gains¹
Impairment losses on (335) (2,995)
non-financial assets
Royalty costs (8,166) (1,402)
Profit before finance 219,688 67,923
income and finance
costs
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 38,009 (16,264)
translation
gain/(loss)
Items that may not be
reclassified to
profit or loss
Fair value adjustment – 2,107
on investment at
fair value through
other comprehensive
income¹
Tax thereon – –
Other comprehensive 38,009 (14,157)
income/(loss) for the
period, net of tax
Total comprehensive 185,851 33,238
income for the period
Profit/(loss)
attributable to:
Owners of the Company 147,967 48,215
Non-controlling (125) (820)
interests
Total comprehensive
income/(loss)
attributable to:
Owners of the Company 185,851 33,238
Non-controlling (285) (740)
interests
Basic and diluted 7.30 2.50
earnings per share
(US
cents)¹
Weighted average 12 2,027,345 1,929,379
number of shares in
issue
(thousand)
Diluted average 12 2,027,345 1,929,379
number of shares in
issue
(thousand)

Condensed Consolidated Statement of Changes in Equity

For the period ended 31 December

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

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

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 Mines including 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 projects currently 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 Mines is 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 assets consist 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 projects mainly comprise the Group’s Barberton Blueberries
project (Barberton Blue), as well as other small-scale agricultural projects in
Barberton Mines’ host community areas
· Corporate consists mainly of the Group’s holding companies and management
services company which renders services to the Group and is located in
Johannesburg
· Funding Company is 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|Unaudited|Unaudited|Unaudited|Unaudited|Unaudited
|Unaudited |Unaudited |Unaudited|Unaudited|Unaudited|
| |six |six |six |six |six |six
|six |six |six |six |six |
| |months |months |months |months |months |months
|months |months ended|months |months |months |
| |ended |ended |ended |ended |ended |ended
|ended |31 |ended |ended |ended |
| |31 |31 |31 |31 |31 |31 |31
|December |31 |31 |31 |
| |December |December |December |December |December |December
|December |2025 |December |December |December |
| |2025 |2025 |2025 |2025 MTR |2025 |2025
|2025 |Agricultural|2025 |2025 |2025 |
| |Barberton|Evander |Solar |operation|Tenant |Mining
|Exploration|ESG |Corporate|Funding |Group |
| |Mines |Mines |projects | |Mines
|operations|assets |projects | |Company |total |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Revenue |141,616 |199,178 |- |87,483 |58,212 |486,489 |-
|573 |- |- |487,062 |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Cost of |(75,028) |(75,943) |(1,193) |(37,401) |(32,279) |(221,844) |-
|(765) |- |- |(222,609)|
|production | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Salaries and |(22,011) |(5,249) |- |(4,069) |(2,541) |(33,870) |-
|(260) |- |- |(34,130) |
|wages | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Mining |(12,514) |(13,001) |- |(3,964) |(6,506) |(35,985) |-
|- |- |- |(35,985) |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Processing and |(14,000) |(23,530) |(241) |(11,257) |(9,803) |(58,831) |-
|(139) |- |- |(58,970) |
|metallurgy | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Engineering |(5,674) |(7,138) |(118) |(3,023) |(4,673) |(20,626) |-
|(54) |- |- |(20,680) |
|and | | | | | | |
| | | | |
|technical | | | | | | |
| | | | |
|services | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Electricity |(7,105) |(13,695) |- |(5,660) |(362) |(26,822) |-
|(16) |- |- |(26,838) |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Administration |(3,667) |(2,751) |- |(1,426) |(4,157) |(12,001) |-
|- |- |- |(12,001) |
|and other | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Realisation |(576) |(245) |(79) |(150) |(266) |(1,316) |-
|(79) |- |- |(1,395) |
|costs | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|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 |(5,619) |(8,690) |(707) |(6,858) |(2,004) |(23,878) |-
|(169) |- |- |(24,047) |
|and | | | | | | |
| | | | |
|amortisation | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|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 |- |- |- |- |- |- |-
|(335) |- |- |(335) |
|loss | | | | | | |
| | | | |
|on non | | | | | | |
| | | | |
|-financial | | | | | | |
| | | | |
|assets | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Profit before |58,072 |121,290 |(1,205) |45,906 |18,214 |242,277
|(100) |(565) |(21,787) |(137) |219,688 |
|finance income | | | | | | |
| | | | |
|and | | | | | | |
| | | | |
|finance costs | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|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 |57,918 |120,834 |(1,203) |45,173 |15,672 |238,394
|(100) |(562) |(21,690) |(6,109) |209,933 |
|tax | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Income tax |(16,144) |(30,126) |4 |(11,488) |(4,425) |(62,179) |-
|- |109 |(21) |(62,091) |
|(expense)/credi| | | | | | |
| | | | |
| | | | | | | |
| | | | |
|t | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Profit for the |41,774 |90,708 |(1,199) |33,685 |11,247 |176,215
|(100) |(562) |(21,581) |(6,130) |147,842 |
|period | | | | | | |
| | | | |
|excluding | | | | | | |
| | | | |
|intra-Group | | | | | | |
| | | | |
|transactions | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Revenue |- |- |2,875 |- |- |2,875 |-
|- |45,521 |- |48,396 |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Cost of |(1,595) |(1,280) |- |- |- |(2,875) |-
|- |- |- |(2,875) |
|production | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Elimination of |- |- |- |- |- |- |-
|- |(45,521) |- |(45,521) |
|dividends | | | | | | |
| | | | |
|received | | | | | | |
| | | | |
|from/(paid to) | | | | | | |
| | | | |
|fellow Group | | | | | | |
| | | | |
|companies | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Management |(2,926) |(2,064) |(230) |(1,092) |- |(6,312) |-
|(43) |6,487 |(132) |- |
|fees | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Finance |2,658 |(2,391) |(1,456) |(3,995) |- |(5,184) |-
|(339) |(916) |6,439 |- |
|income/(costs) | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+
|Profit after |39,911 |84,973 |(10) |28,598 |11,247 |164,719
|(100) |(944) |(16,010) |177 |147,842 |
|tax | | | | | | |
| | | | |
|including | | | | | | |
| | | | |
|intra | | | | | | |
| | | | |
|-Group | | | | | | |
| | | | |
|transactions | | | | | | |
| | | | |
+—————+———+———+———+———+———+———-+–
———+————+———+———+———+

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 |Unaudited |Unaudited | |six |six |six | |months |months |months ended|months | |ended |ended |31 | |31 |December |31 | |December |December |2025 | |2025 |Agricultural|2025 | |Barberton|Evander |Exploration|ESG | |Mines |operations|assets +———&# ——-+—& |Profit/(loss)|58,072 |(100) |(565) | | | | | | | | |before | | | |finance | | | |income, | | | |finance | | | |costs and | | | |tax | | | +———&# ——-+—& |Excluding: |5,619 |169 |- |depreciation | | | |and | | | |amortisation | | | |included in | | | |gross | | | |profit | | | +———&# ——-+—& |Excluding: |- |5 |258 |- |other | | | |depreciation | | | |and | | | |amortisation | | | +———&# ——-+—& |EBITDA |63,691 |(100) |(391) +———&# ——-+—& |Excluding: |- |335 |- |impairment | | | |loss | | | |on | | | |non | | | |-financial | | | |assets | | | +———&# ——-+—& |Excluding: |- |2 |- |loss | | | |on disposal | | | |of | | | |plant and | | | |equipment | | | +———&# ——-+—& |Adjusted |63,691 |(100) |(54) |EBITDA | | | +———&# ——-+—& 8212;-+———+———+———+———+———+———-+—-
#8212;——+———+———+———+
|Unaudited|Unaudited|Unaudited|Unaudited|Unaudited
|Unaudited|Unaudited|Unaudited|
|six |six |six |six |six |six
|six |six |
|months |months |months |months |months
|months |months |
|ended |ended |ended |ended |ended
|ended |ended |ended |
|31 |31 |31 |31 |31 |31
|31 |31 |
|December |December |December |December |December
|December |December |December |
|2025 |2025 |2025 MTR |2025 |2025 |2025
|2025 |2025 |
|Solar |operation|Tenant |Mining
|Corporate|Funding |Group |
|Mines |projects | |Mines
|projects | |Company |total |
8212;-+———+———+———+———+———+———-+—-
#8212;——+———+———+———+
|121,290 |(1,205) |45,906 |18,214 |242,277
|(21,787) |(137) |219,688 |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
8212;-+———+———+———+———+———+———-+—-
#8212;——+———+———+———+
|8,690 |707 |6,858 |2,004 |23,878 |-
|- |24,047 |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
8212;-+———+———+———+———+———+———-+—-
#8212;——+———+———+———+
|- |- |- |374 |374 |-
|637 |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
8212;-+———+———+———+———+———+———-+—-
#8212;——+———+———+———+
|129,980 |(498) |52,764 |20,592 |266,529
|(21,529) |(137) |244,372 |
8212;-+———+———+———+———+———+———-+—-
#8212;——+———+———+———+
|- |- |- |- |- |-
|- |335 |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
8212;-+———+———+———+———+———+———-+—-
#8212;——+———+———+———+
|- |- |479 |10 |489 |-
|- |491 |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
| | | | | |
| | |
8212;-+———+———+———+———+———+———-+—-
#8212;——+———+———+———+
|129,980 |(498) |53,243 |20,602 |267,018
|(21,529) |(137) |245,198 |
| | | | | |
| | |
8212;-+———+———+———+———+———+———-+—-
#8212;——+———+———+———+

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

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

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

² Tenant Mines includes Tenant company and Yungatha. Tenant company was acquired
in November 2024 and the results are for a two-month period. Yungatha was
acquired in December 2024.

³ 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.

⁴ Other income and other expenses exclude intra-Group management fees. Finance
income and finance costs exclude intra-Group interest.

⁵ Refer to note 13.2.

² Tenant Mines includes Tenant company and Yungatha. Tenant company was acquired
in November 2024 and the results are for a two-month period. Yungatha was
acquired in December 2024.

³ Adjusted EBITDA comprises earnings before interest, tax, depreciation and
amortisation, adjusted for impairment losses and bargain purchase gains.

+————-+———+———+———+———+———+———-+—-
——-+————+———+———+———+
|US$ thousand |Unaudited|Unaudited|Unaudited|Unaudited|Unaudited|Unaudited
|Unaudited |Unaudited |Unaudited|Unaudited|Unaudited|
| |restated |restated |restated |restated |restated |restated
|restated |restated |restated |restated |restated |
| |six |six |six |six |six |six |six
|six months |six |six |six |
| |months |months |months |months |months |months
|months |ended 31 |months |months |months |
| |ended 31 |ended 31 |ended 31 |ended 31 |ended 31 |ended
|ended |December |ended 31 |ended 31 |ended 31 |
| |December |December |December |December |December |31 |31
December|2024 |December |December |December |
| |2024 |2024 |2024 |2024 |2024 |December |2024
|Agricultural|2024 |2024 |2024 |
| |Barberton|Evander |Solar |MTR |Tenant |2024
|Exploration|ESG |Corporate|Funding |Group |
| |Mines |Mines |projects |operation|Mines |Mining
|assets |projects | |Company |total |
| | | | | | |operations|
| | | | |
+————-+———+———+———+———+———+———-+—-
——-+————+———+———+———+
|Segment |157,298 |357,920 |23,652 |143,667 |138,696 |821,133 |598
|2,771 |4,987 |11,941 |841,430 |
|assets | | | | | | |
| | | | |
|(total | | | | | | |
| | | | |
|assets | | | | | | |
| | | | |
|excluding | | | | | | |
| | | | |
|goodwill) | | | | | | |
| | | | |
+————-+———+———+———+———+———+———-+—-
——-+————+———+———+———+
|Segment |60,320 |85,488 |17 |18,160 |53,425 |217,410 |17
|12 |14,872 |200,850 |433,161 |
|liabilities | | | | | | |
| | | | |
+————-+———+———+———+———+———+———-+—-
——-+————+———+———+———+
|Net |96,978 |272,332 |23,635 |125,507 |85,271 |603,723 |581
|2,759 |(9,885) |(188,909)|408,269 |
|assets/(liabi| | | | | | |
| | | | |
| | | | | | | |
| | | | |
|l | | | | | | |
| | | | |
|ities) | | | | | | |
| | | | |
|(excluding | | | | | | |
| | | | |
|goodwill)³ | | | | | | |
| | | | |
+————-+———+———+———+———+———+———-+—-
——-+————+———+———+———+
|Goodwill |16,083 |- |- |- |- |16,083 |-
|- |- |- |16,083 |
+————-+———+———+———+———+———+———-+—-
——-+————+———+———+———+
|Capital |11,675 |23,184 |2,905 |48,195 |9,132 |95,091 |1
|71 |399 |- |95,562 |
|expenditure⁴ | | | | | | |
| | | | |
+————-+———+———+———+———+———+———-+—-
——-+————+———+———+———+

² Tenant Mines includes Tenant company and Yungatha. Tenant company was acquired
in November 2024 and the results are for a two-month period. Yungatha was
acquired in December 2024.

³ The segment assets and liabilities above exclude intra-Group balances.

⁴ Capital expenditure comprises additions to property, plant and equipment,
mineral rights, exploration and intangible assets.