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Disseminated via PRN on 27 November 2025
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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 Resources” or the “Company” or the “Group”)
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Pan African Resources Funding Company Limited Incorporated in the Republic of South Africa with limited liability Registration number: 2012/021237/06 Alpha code: PARI
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COMPLETION OF FEASIBILITY STUDY ON SOWETO CLUSTER TAILINGS STORAGE FACILITIES (SOWETO TSFs) DEFINES A PATHWAY TO SIGNIFICANT PRODUCTION GROWTH FROM THE MOGALE TAILINGS RETREATMENT (MTR) COMPLEX, WITH SHORT-TERM EXPANSION PROJECT TO INCREASE GOLD PRODUCTION FROM 50,000OZ/YR TO 60,000OZ/YR TO BE COMPLETED DURING DECEMBER 2025
Pan African is pleased to advise shareholders and noteholders that the Company has completed a feasibility study (the “study”) to process the Group’s Soweto TSFs, which were acquired by the Group in 2021 as part of the Mintails SA transaction. The Soweto TSFs contain Mineral Reserves of 108Mt at 0.28g/t for 0.98Moz of gold.
As part of the study, two strategic options were evaluated, namely:
The integrated 600ktpm Soweto Tailings Retreatment (STR) circuit at MTR was identified as the preferred option due to a significantly lower upfront capital requirement, a shorter construction period, reduced permitting obligations and superior financial returns. This option will also benefit from synergies with the existing MTR plant and operational infrastructure. The DFS for this option is expected to be completed by June 2026, with a final board decision to commence project construction shortly thereafter, subject to the considerations outlined below.
Separately, the Company continues to optimise operations at MTR, with the expansion of its production capacity from ~50koz/yr to ~60koz/yr to be completed in the next month.
PREFERRED OPTION PFS HIGHLIGHTS
Pan African Resources CEO Cobus Loots commented: “The successful commissioning of the MTR operation in October 2024, completed ahead of schedule and under budget, again demonstrated Pan African’s ability with regards to successfully commissioning tailings retreatment operations. We continue to optimise operations at MTR, with the expansion of its production capacity from ~50koz/yr to ~60koz/yr to be completed in the next month. The addition of the STR circuit would further increase annual production from the MTR complex to almost 100,000oz/yr and leverage operational synergies to reduce the complex’s very competitive AISC even further.
Subject to the DFS and final board approval, the STR circuit would fast track the remining of the Soweto Assets and also environmental rehabilitation programmes, positively impacting our local communities in the area.”
ENVIRONMENTAL AND PERMITTING
The Environmental Impact Assessment and Water Use Licence processes are progressing in accordance with the project schedule, with approvals expected by June 2026.
GROUP DEGEARING PROFILE AND ANTICIPATED PROJECT FUNDING
Given the prevailing high gold prices, the Group is now on track to be fully de-geared from a net debt perspective by February 2026. This is despite the payment of a record dividend to shareholders in December 2025.
The Group’s robust financial position and cashflow generation profile provides strategic flexibility in terms of funding the STR circuit, and proposals have already been received from financial institutions in this regard.
ESG/SOCIAL IMPACT
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 TSFs remining schedule.
Independent engineering studies on the Soweto TSFs have confirmed the stability of the facilities, with no identified failure risks that would endanger surrounding communities. The Company maintains the clearing of silted drainage channels around affected 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, which will measurably improve the air quality in the area.
COMPETENT PERSON
The competent person for Pan African Resources, Hendrik Pretorius, the executive for technical services and new business, signs off the Mineral Resources and Mineral Reserves for the Group. He is a member of the South African Council for Natural Scientific Professions (SACNASP 400051/11 – Management Enterprise Building, Mark Shuttleworth Street, Innovation Hub, Pretoria, Gauteng Province, South Africa), as well as a fellow in good standing of the Geological Society of South Africa (GSSA – CSIR Mining Precinct, Corner Rustenburg and Carlow Roads, Melville, Gauteng Province, South Africa). Hendrik has 22 years' experience in economic geology, mineral resource management (MRM) and mining (surface mining and shallow to ultra-deep underground mining). He is based at The Firs Office Building, 2nd Floor, Office 204, Corner Cradock and Biermann Avenues, Rosebank, Johannesburg, South Africa. He holds a BSc (Hons) degree in Geology from the University of Johannesburg as well as a Graduate Diploma in Mining Engineering from the University of the Witwatersrand. Hendrik has reviewed, and approved, in writing, the information contained in this document as it pertains to Mineral Resources and Mineral Reserves.
The information contained in this announcement is the responsibility of the Company’s board of directors and has not been reviewed or reported on by the Group’s external auditors.
Johannesburg
27 November 2025
For further information on Pan African, please visit the Company's website at
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Corporate information |
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Corporate Office The Firs Building 2nd Floor, Office 204 Corner Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0)11 243 2900 |
Registered Office 107 Cheapside, 2 nd Floor London, EC2V 6DN United Kingdom Office: + 44 (0)20 3869 0706 |
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Chief Executive Officer Cobus Loots Office: + 27 (0)11 243 2900 |
Financial Director and debt officer Marileen Kok Office: + 27 (0)11 243 2900 |
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Head: Investor Relations
Hethen Hira
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Website: www.panafricanresources.com |
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Company Secretary Jane Kirton St James's Corporate Services Limited Office: + 44 (0)20 3869 0706 |
Nominated Adviser and Joint Broker Ross Allister/Georgia Langoulant Peel Hunt LLP Office: +44 (0)20 7418 8900 |
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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: +44 (0)20 7236 1010 |
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Joint Broker Matthew Armitt/Jennifer Lee Joh. Berenberg, Gossler & Co KG (Berenberg) Office: +44 (0)20 3207 7800 |
