Capital Reduction Court Approval

Pan African Resources PLC         Pan African Resources Funding Company

(Incorporated and registered in England and Wales   Limited

under Companies Act 1985 with registered     Incorporated in the Republic of South Africa

number 3937466 on 25 February 2000)       with limited liability

Share code on LSE: PAF         Registration number: 2012/021237/06

Share code on JSE: PAN         Alpha code: PARI

ISIN: GB0004300496

ADR code: PAFRY

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

CAPITAL REDUCTION COURT APPROVAL

Pan African shareholders (Shareholders) are referred to the announcements published on 17   February   2026 and 26 March 2026 and the notice of general meeting and circular to Shareholders, dated 17   February   2026, relating to, inter alia , the proposed share capital reduction involving the cancellation of the Company's share premium account and the cancellation and extinguishment of certain shares in the Company's capital (Capital Reduction).

Pan African is pleased to advise that, at the hearing of the High Court of Justice in England and Wales (Court) held today, 28 April 2026, the Court approved the Capital Reduction. The Capital Reduction will become effective on the date on which the order of the Court confirming the Capital Reduction is registered at Companies House in the UK, which is expected to occur in the coming weeks. A further announcement will be published once the Capital Reduction becomes effective.

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

www.panafricanresources.com

Rosebank

28 April 2026

Corporate information
Corporate Office The Firs Building 2nd Floor, Office 204 Corner Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0)11 243 2900 [e-mail]	Registered Office 107 Cheapside, 2 nd Floor London, EC2V 6DN United Kingdom Office: + 44 (0)20 3869 0706 [e-mail]
Chief Executive Officer   Cobus Loots       Office: + 27 (0)11 243 2900	Financial Director and debt officer Marileen Kok Office: + 27 (0)11 243 2900
Head: Investor Relations Hethen Hira Tel: + 27 (0)11 243 2900 E-mail: [e-mail]	Website: www.panafricanresources.com
Company Secretary Jane Kirton St James's Corporate Services Limited Office: + 44 (0)20 3869 0706	Joint Broker Ross Allister/Georgia Langoulant Peel Hunt LLP Office: [phone]
JSE Sponsor & JSE Debt Sponsor Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: + 27 (0) 63 482 3802	Joint Broker Thomas Rider/Nick Macann BMO Capital Markets Limited Office: [phone]
	Joint Broker Matthew Armitt/Jennifer Lee Joh. Berenberg, Gossler & Co KG (Berenberg) Office: [phone]

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