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The African Focused Precious Metals Producer

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Evander Gold Mining

Visit 12/02/2015

This presentation is provided on a confidential basis.

The name 'Presenter' refers to Pan African Resources PLC and its advisors, subsidiaries or affiliated companies.

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EVANDER GOLD MINES A Subsidiary of Pan African Resources Plc.

Disclaimer

Agenda

• Introduction to PAR • Safety & Health • Introduction to EGM

• Location • History • Geology • Reserves & Resources

• Evander 8# • Infrastructure • ETRP • Future Projects • Discussion

Source: Company website and filings Notes: (1) Excluding: c.2 million oz of Au in surface resources and 423 koz of surface reserves from Evander; 79koz in surface, outside area and slime dump resources and 136koz in surface and slime dump reserves from Barberton; and 686koz

of PGM-4E resource and 62koz of PGM-4E reserves from Phoenix Platinum

Phoenix is a tailings retreatment plant designed to extract 12,000oz of platinum group metals per annum from chrome tailings

The acquisition of Evander in 2013 was transformational for PAR as it paves the way for the company to become a mid-tier gold producer with a strong, long term project pipeline. Evander is producing c.95,000oz per annum

Barberton is a low cost, high grade, greenstone belt producing operation which has contributed significantly to PAR’s successful track record. Barberton mines produce c.95,000oz Au and Barberton Tailings Retreatment Project (“BTRP”) produces c.20,000 oz Au per annum

Pan African Resources is an unhedged junior gold producer with quality assets in South Africa

SAFETY & HEALTH

Safety

“Phase 4”

Safety History - LTIFR EVANDER GOLD MINES A Subsidiary of Pan African Resources Plc.

18.94 19.11

10.39 7.41

4.00 2.90 4.08

2004 - 2005 2005 - 2006 2006 - 2007 2007 - 2008 2008 - 2009 2009 - 2010 2010 - 2011 2011 - 2012 2012 - 2013 2013 - 2014

LTIFR EVANDER GOLD MINES A Subsidiary of Pan African Resources Plc.

Location & History

Evander Operations

Location map

• Union Corporation Limited : until 1980

• Gencor Group : 1981 - 1988

• Genmin Group : 1989

• Gengold Group : 1990 - 1995

• Goldfields : 1996 – 1997

• Harmony : 1998 – 2013

• Pan African Resources : 28th February 2013

History

Evander Operations History

Operation Tons milled Grade Gold Gold

(Mt) (g/t) (Tonnes) (Moz)

Winkelhaak Mine 74.7 7.55 565 18

Kinross Mine 66.7 6.82 455 15

Leslie Mine 41.4 6.25 259 8

Bracken Mine 26.4 8.78 232 7

Total 209.3 7.22 1 511 49

Historical production (up to June 2014)

Evander Operations Geology

Evander Operations – Geology Walter Seymore

200 km 100 km 50 km 0 km

Witwaters Rand Basin

Evander Basin

In flow of gold barring material

Evander Operations

Reserves & Resources

Rolspruit

Evander South

Poplar

9 # Leslie Winkelhaak

Bracken

EGM Reserves & Resources EVANDER GOLD MINES

A Subsidiary of Pan African Resources Plc.

As at 30 June 2014 Resource

Tonnes Grade Contained Gold

Evander Gold Mining Category million g/t Tonnes Moz

Measured 3.10 13.14 40.7 1.309

Indicated 259.83 2.28 593.4 19.08

Inferred 34.14 8.52 291.0 9.35

Total Evander Gold Mining Total 297.06 3.11 925.1 29.74

As at 30 June 2014 Reserve

Tonnes Grade Contained Gold

Evander Gold Mining Category million g/t Tonnes Moz

Kimberley Reef Proved 2.35 6.84 16.1 0.52

Probable 66.78 3.61 241.0 7.75

Total Evander Gold Mine Total 69.13 3.72 257.0 8.26

Evander Operations

Evander 8# • Geology

• Infrastructure

• Mining Method

• Processing Plant

• Our People

Evander Operations 8 Shaft - Geology

Evander 8 Shaft

Evander 8 Shaft Grade Distribution

25 Level HIGH GRADE AREA

24 Level LOW GRADE AREA

Lubbe Payshoot

Grade Distribution EVANDER GOLD MINES

8 Shaft Underground samples & Block Model (cmg/t)

LOW GRADE AREA

Evander Operations 8 Shaft

Evander 8 Shaft Production

Evander Operations 8 Shaft - Geology

No 8 Shaft

Evander Operations

Infrastructure

27 24 L

Raise bore Holes

5 MW BAC 17 Lev

150 m³ Fan

2 Fridge Plants

New Decline 23 – 26 Level

5 MW BAC 18 Lev

17 – 24 Vent Shaft

Evander Operations Evander 8 Shaft re-engineered EVANDER GOLD MINES

Evander Operations Infrastructure

Evander Operations

ETRP (Evander Tailings Retreatment Plant)

Background – ETRP (Evander Tailings Retreatment Plant)

• Mining started in the Evander basin in 1958

• A total of 203Mt of tailings @ an average grade of 0.32 g/t on surface

• First tailings pre-feasibility done by Harmony in 1998

• Project to cover:

- Refurbish Kinross metallurgical plant to nameplate capacity (240ktpm)

- Maintain current run-of-mine (ROM) processing profile (40ktpm)

- Fill plant capacity with tailings to 200ktpm (current surface sources will be depleted)

- Allow flexibility for future ROM increases

- Deposit tailings on Winkelhaak tailings storage facility (TSF)

- Utilise current Evander Gold Mines (EGM) infrastructure

Project Category Tons Grade Au Content

(Mt) (g/t) (kg) (Moz)

Kinross TSF Indicated Mineral

Resource 57.81 0.32 18,556 0.60

SAMREC compliant resources signed off by competent person : Barry Naicker – Group Mineral Resource Manager

ETRP Resources

Grade distribution of the Kinross Dam

Kinross Dam

Dam 1 Dam 2

Dam 3 Dam 2

• Hydraulic re-mining of Kinross TSF

• commence with high grade dam no. 1

• Slurry pumped to Kinross processing plant

• Current thickener arrangements are suited for tailings density control

• Sufficient water is available for the current water reticulation circuit

• Plant tailings to be discarded on Winkelhaak TSF

• New tailings transfer line and return water line commissioned

• Low operating costs due to common services and overheads – financial model based on incremental costs

• Winkelhaak TSF was refurbished and modified for cyclone deposition

• Current TSF capacity of 23Mt at Winkelhaak (10 years)

ETRP :

Re-mining and TSF considerations EVANDER GOLD MINES A Subsidiary of Pan African Resources Plc.

Conclusion

• Low risk implementation project

• Flexibility – Fluctuating ROM

• Construction phase completion – October 2014

• Full production expected in June 2015

Evander Operations

EGM Projects • Elikhulu • Poplar • Evander South • Rolspruit • 9# & 2010 Payshoot

Major Projects EVANDER GOLD MINES

Elikhulu “The Big One”

ELIKHULU Location Plan

Photo of all 3 dams

Kinross Dam

Leslie Dam Winkelhaak Dam

ELIKHULU EVANDER GOLD MINES

Evander “Elikhulu” Project: (1 000 000t / month)

- Re-treatment of the tailings storage facilities of Kinross, Leslie & Winkelhaak

- Re-evaluated in 2009 / 2010 - Kinross – 42 holes drilled - Leslie – 90 holes drilled included 39 sonic drilled holes - Winkelhaak – 38 holes drilled - Grade model developed (signed off by SRK) - Pre-feasibility treatment rate of 12 Mt per annum - Test work indicated potential recoveries of above 40%

• In House Pre-Feasibility completed in 2010 – Test work done by SGS Labs

– Test work indicated the following recoveries:

Kinross: 47.8% Leslie: 40.7% Winkelhaak: 47.9%

– Stand alone plant

– Treatment rate of 12 million tonnes per annum

ELIKHULU

Mineral Resources EVANDER GOLD MINES A Subsidiary of Pan African Resources Plc.

Category Tonnes Grade Gold Ounces

Measured - - - - Indicated 205 0.29 60 1.9 Inferred - - - - Total 205 0.29 60 1.9

Mineral resources

• Elikhulu feasibility – New TSF site selection complete (agreement reached with Sasol) – EIA studies for TSF and plant (use Winkelhaak plant footprint) – Compile and submit EMP – Negotiate water off-take with Sasol (33 ml / day make-up required) – Amend WULA – Construction – approximately 18 months

Poplar

POPLAR

Location Plan

POPLAR

Back ground EVANDER GOLD MINES A Subsidiary of Pan African Resources Plc.

• Previously drilled however limited information available (core lost / incomplete information)

• 12-month drilling program conducted in FY11 (Dec 2010) – 23 Holes (20 106 meters) – 77 reef intersections – Indicated additional drilling required

• Geological model updated using combination of historical and new information (May 2011)

• Resource occurs at a depth of 500 to 1300 meters below surface

• Resource likely extends into Taung prospecting right (to be transferred)

POPLAR EVANDER GOLD MINES

Surface Bore Holes Grade Distribution

POPLAR

Measured - - - -

Indicated 15.8 7.60 120 3.9

Inferred 6.7 6.92 46 1.5

Total 22.5 7.40 167 5.4

Mineral resources

Evander South

EVANDER SOUTH

Location Plan

EVANDER SOUTH

• Previously extensively drilled by AAC (Core and logs preserved and available)

• Harmony concluded a 24-month drilling programme in early FY10 (Oct 2009)

– 43 Holes (24 700 meters) – 99 reef intersections

• Geological model updated using in FY10 and signed off by SRK

• Resource occurs at a depth of 250 to 1200 meters below surface

• Evander South is covered by two prospecting rights

– MP 30/5/1/1/2/(248) PR – renewal and S102 application submitted

– MP30/5/1/1/2(4272) PR – Granted but still needs to be executed

• Pre-Feasibility completed by SRK in July 2010

EVANDER SOUTH EVANDER GOLD MINES

Surface Bore Holes

Grade Distribution

EVANDER SOUTH

Measured - - - -

Indicated 11.4 8.79 100 3.2

Inferred 9.8 6.35 62 2.0

Total 21.2 7.66 162 5.2

Mineral resources

Rolspruit

ROLSPRUIT

Location Plan

ROLSPRUIT

• Rolspruit lies north of Evander 8 Shaft and is the down dip extension of the payshoot

• Rolspruit is a high grade orebody at depth of between approximately 1 800 and 2 800m

below surface

• Historically a total of 47 drill holes were drilled (with some 170 deflections) – not all

intersected the payshoot

• In addition geological information from Evander 8 Shaft was extrapolated into the Rolspruit

• A process was initiated during FY2011 to update the geological model and the

Pre-Feasibility Study

• The Pre-Feasibility Study has been completed in Aug 2011

• Objective of the PFS was to show viability and to maintain reserve status

• PFS was based on a Single Option, 120 000 tons per month operation (not optimised)

ROLSPRUIT EVANDER GOLD MINES

Surface Bore Holes

ROLSPRUIT

Measured - - - - Indicated 24.4 10.92 267 8.6 Inferred 0.9 9.17 9 0.3 Total 25.4 10.86 275 8.9

Proven - - - - Probable 23.4 8.60 201.0 6.5 Total 23.4 8.60 201.0 6.5

Mineral reserves

Mineral resources

ROLSPRUIT EVANDER GOLD MINES

Other Projects EVANDER GOLD MINES

9# & 2010 Payshoot

Other Projects EVANDER GOLD MINES A Subsidiary of Pan African Resources Plc.

2010 Payshoot

9 Shaft Project

Evander Operations

Questions

THANK YOU

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