TIDMPAF 
 
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 AIM: PAF 
 
Share code on JSE: PAN 
 
ISIN: GB0004300496 
 
ADR ticker code: PAFRY 
 
("Pan African" or the "Company" or the "Group") 
 
MINTAILS SA TRANSACTION UPDATE 
 
In November 2020, Pan African announced that the Company had entered into 
conditional sale of shares agreements to acquire the share capital and 
associated shareholder loans and other claims of Mogale Gold Proprietary 
Limited ("Mogale Gold") and Mintails' SA Soweto Cluster Proprietary Limited 
("MSC") (together the "Mintails Transaction"). Both Mogale Gold and MSC are 
100% owned by Mintails SA, which was placed into provisional liquidation during 
2018. 
 
Pan African completed a definitive feasibility study on the Mogale Gold TSFs 
and announced the results of this study on 30 June 2022. The results of the DFS 
demonstrated that the project has compelling economics and significant 
production impact for the Group, equivalent to an increase in excess of 25% of 
current annual production, and an initial life of mine of 13 years, with 
further upside. 
 
The deadline for fulfilment of the remaining conditions to conclude the 
Mintails Transaction was previously extended to 31 August 2022. 
 
Pan African wishes to advise shareholders that the deadline for the fulfilment 
of the remaining conditions precedent to conclude the Mintails Transaction has 
now been extended to 30 September 2022, to allow the Group sufficient 
opportunity to conclude the final aspects of its due diligence investigation. 
 
Cobus Loots, CEO of Pan African, commented: "We believe that Pan African will 
be in a position to conclude the acquisition of Mogale Gold and MSC in the next 
month.  Our studies and other additional work has demonstrated a compelling 
opportunity to construct a world-class tailings retreatment operation, and we 
look forward to updating the market further in due course". 
 
Rosebank 
 
1 September 2022 
 
For further information on Pan African, please visit the Company's website at 
 
www.panafricanresources.com 
 
Corporate information 
 
Corporate Office                              Registered Office 
The Firs Office Building                      107 Cheapside, Second Floor 
2nd Floor, Office 204                         London 
Cnr. Cradock and Biermann Avenues             EC2V 6DN 
Rosebank, Johannesburg                        United Kingdom 
South Africa                                  Office: + 44 (0)20 7796 8644 
Office: + 27 (0)11 243 2900 
info@paf.co.za 
 
Chief Executive Officer                       Financial Director 
Cobus Loots                                   Deon Louw 
Office: + 27 (0)11 243                        Office: + 27 (0)11 243 2900 
2900 
 
Head: Investor Relations                      Website: 
Hethen Hira                                   www.panafricanresources.com 
Tel: + 27 (0)11 243 2900 
E-mail: hhira@paf.co.za 
 
Company Secretary                             Nominated Adviser and Joint Broker 
Phil Dexter/Jane Kirton                       Ross Allister/Alexander Allen 
St James's Corporate Services Limited         Peel Hunt LLP 
Office: + 44 (0)20 7796 8644                  Office: +44 (0)20 7418 8900 
 
JSE Sponsor                                   Joint Broker 
Ciska Kloppers                                Thomas Rider/Nick Macann 
Questco Corporate Advisory Proprietary        BMO Capital Markets Limited 
Limited                                       Office: +44 (0)20 7236 1010 
Office: + 27 (0)11 011 9200 
 
                                              Joint Broker 
                                              Matthew Armitt/Jennifer Lee 
                                              Joh. Berenberg, Gossler & Co KG 
                                              (Berenberg) 
                                              Office: +44 (0)20 3207 7800 
 
 
 
END

(END) Dow Jones Newswires

September 01, 2022 02:00 ET (06:00 GMT)

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