Proposed Acquisition of Emmerson Resources - Update regarding Australian Stock Exchange (ASX) Listing

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 ISIN: GB0004300496 ADR ticker code: PAFRY (`Pan African' or the `Group' 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

PROPOSED ACQUISITION OF EMMERSON RESOURCES - UPDATE REGARDING AUSTRALIAN STOCK EXCHANGE (ASX) LISTING

Unless otherwise defined herein, capitalised words and terms contained in this announcement shall bear the same meanings ascribed thereto in the announcement published by Pan African on 9   March 2026.

Further to the announcements published on 9 March 2026 and 8 May 2026, regarding the proposed acquisition of 100% of the issued shares in Emmerson Resources Limited (Emmerson) by way of an Australian Court approved scheme of arrangement (Scheme) in accordance with Part 5.1 of the Corporations Act 2001 (Cth), Pan African is pleased to advise that the Group has received a conditional admission letter from the ASX advising that the ASX will admit Pan African to the official list of the ASX and grant official quotation for the securities of Pan African, subject to the satisfaction of certain conditions precedent. Pan African will trade under the share code "PAF" on the ASX once admitted.

The receipt of the ASX conditional admission letter satisfies part of the ASX admission condition precedent in the Scheme Implementation Deed (SID) between Emmerson and Pan African as amended and restated by Emmerson, Pan African and Tennant Consolidated Mining Group Pty Ltd, a copy of which was released on the ASX on 21 April 2026 under Emmerson's ASX profile.

The Scheme remains subject to several outstanding conditions, including approval of Emmerson shareholders at the Scheme Meeting, Australian Court approval and the satisfaction, or waiver of certain other conditions as outlined in the Scheme Booklet and in the SID. A copy of the Scheme Booklet is available on Emmerson's website www.emmersonresources.com.au.

The Scheme Meeting of Emmerson shareholders to approve the Scheme will be held on Monday, 15 June 2026. Subject to the conditions of the Scheme being satisfied, or waived (as permitted), the Scheme is expected to be implemented in accordance with the following indicative timetable:

Event	Indicative dates*
Scheme meeting	Monday, 15 June 2026
Second court date	Friday, 19 June 2026
Effective date	Monday, 22 June 2026
Admission to ASX and trading to commence on a deferred basis	Tuesday, 23 June 2026
Scheme record date	Wednesday, 24 June 2026
Implementation date	Wednesday, 1 July 2026
Trading to commence on a normal settlement basis on ASX	Thursday, 2 July 2026

* All stated dates are indicative only and subject to change. Any changes to the above timetable will be announced and will be available under Pan African's and Emmerson's profiles on their relevant exchanges .

Pan African's shares will continue to trade, as a dual primary issuer, on the London Stock Exchange and Johannesburg Stock Exchange following the proposed ASX listing.

Johannesburg

11 June 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) 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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