ZAR5 Billion Domestc Medium Term Note Programme

Pan African Resources PLC (Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 3937466 on 25 February 2000) Share code on AIM: PAF Share code on JSE: PAN ISIN: GB0004300496 ADR ticker code: PAFRY (“Pan African” or the “Company” or the “Group”)

Pan African Resources Funding Company Limited Incorporated in the Republic of South Africa with limited liability Registration number: 2012/021237/06 Alpha code: PARI (“PAR Funding Company” or the “Debt Issuer”)

APPROVAL OF ZAR5 BILLION DOMESTIC MEDIUM TERM NOTE PROGRAMME

PAR Funding Company, as a wholly owned subsidiary of Pan African Resources PLC, is pleased to announce that the JSE Limited (“JSE”) has granted formal approval, on 6 December 2022, of its domestic medium term note programme, with a total programme amount of ZAR5 billion, pursuant to the programme memorandum dated 6 December 2022 (the “Programme Memorandum").

The Programme Memorandum is available for download from the websites of the JSE at https://www.jse.co.za and the Issuer at

https://www.panafricanresources.com/investors/domestic-medium-term-note-programme/

Rosebank

6 December 2022

JSE Debt Sponsor Legal Advisor Questco Corporate Advisory Proprietary Limited Bowman Gilfillan Inc. Paying Agent, Issuer Agent, Transfer Agent and Settlement Agent First Rand Bank Limited (acting through its Rand Merchant division)