Implementation of the Emmerson Scheme

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 LSE: PAF Share code on JSE: PAN Share code on ASX: PAF ISIN: GB0004300496 ADR ticker code: PAFRY (`Pan African' or `PAF' or the `Company')

Pan African Resources Funding Company Limited Incorporated in the Republic of South Africa with limited liability Registration number: 2012/021237/06 Alpha code: PARI

IMPLEMENTATION OF THE EMMERSON SCHEME

Pan African Resources PLC (ARBN 696 435 917) (Pan African or PAF or the Company) (ASX: PAF; LSE: PAF; JSE: PAN) provides the following update in respect of the scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) (Scheme), under which Pan African (through its wholly-owned subsidiary Tennant Consolidated Mining Group Pty Ltd) acquired all of the issued share capital of Emmerson Resources Limited (Emmerson).

Further to its announcement published on 26 June 2026, the Company confirms that it has issued 102,641,421 new PAF shares (in the form of ASX-listed PAF CHESS Depositary Interests (CDIs)) to eligible Emmerson shareholders (or their nominees) and the sale agent for the Scheme. For further details regarding the sale agent and the sale facility, please refer to section 3.8 of the Emmerson Scheme Booklet, dated 8 May 2026, which is available on the ASX platform and can be accessed under Pan African's profile using the "PAF" share code through the following link https://www.asx.com.au/markets/trade-our-cash-market/historical-announcements .

Johannesburg

1 July 2026

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

www.panafricanresources.com

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 and JSE debt sponsor Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: + 27 (0) 78 268 9556	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]

---

---