Overview of Presentation - - PowerPoint PPT Presentation

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Unaudited Interim Results

for the 6 months ended 31 December 2013

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Overview of Presentation

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Group Results & Strategic Overview

Headline earnings per share All-in costs COSTS Revenue

102%

ZAR1,349.1 million

(2012: ZAR668.1 million)

Gold sold

123%

100,172oz

(2012: 44,926oz)

31%

15.11c

(2012: 11.50c)

ZAR337,673/kg

(2012: ZAR344,826/kg)

2%

Cash costs

ZAR269,670/kg

(2012: ZAR233,021/kg)

16%

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Pan African Resources PLC

Highlights

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Pan African Resources PLC

Summarised consolidated results

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N%$",E)"*2F"=%.,E*")./)/" OP"Q)3)=:)$"!RPO" N%$",E)"*2F"=%.,E*")./)/" OP"Q)3)=:)$"!RP!" ()5).&)"@SJ("=2++2%.*T#9>"=2++2%.*C" PUOIVWP" XIWY" YYXWP" IVWM" J++Z2."3%*,*"@SJ(TH1"["\0QT%]C" OO^UY^O" PURII" OIIUX!Y" PU!YY" G-*E"3%*,*"@SJ(TH1"["\0QT%]C" !YVUY^R" XOI" !OOUR!P" XMY" D9K<QJ"@SJ("=2++2%.*T#9>"=2++2%.*C" IMRWX" !XWO" !MVWO" PVW!" J_$2:&,-:+)")-$.2.1*"@SJ("=2++2%.*T#9>"=2++2%.*C" !^MWV" P^WO" PYYWY" P!WI" D>0"@3).,*T').3)C" PMWPP" RWVM" PPWMR" RWXM" `D>0"@3).,*T').3)C" PMWPP" RWVM" PPWMR" RWXM" #$%&'"3-'2,-+")F')./2,&$)"@SJ("=2++2%.*T#9>"=2++2%.*C" PYRWX" PRWP" P!!W^" VWP" L),"-**),"5-+&)"')$"*E-$)"@3).,*T').3)C" PI!WM" VWI" VPWV" YWY" a)21E,)/"-5)$-1)".&=:)$"%8"*E-$)*"2."2**&)"@=2++2%.*C" PUX!MWY" PUX!MWY" PUIIVWI" PUIIVWI"

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Group Results and Strategic Overview

Group Production

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Group Results and Strategic Overview

Key Drivers for continued growth

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Group Results and Strategic Overview

Group Resource - Gold

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5.89Moz ! (17.15Mt @ 5.35g/t) 25% 34% 41% 60% 34% 6% 2012 2013 3.13g/t 2.51g/t 2.68g/t 35.13Moz " (337.1Mt @ 3.10g/t) 2.38g/t 6.04g/t 10.58g/t Measured Indicated Inferred ! Barberton Mines " Barberton Mines Evander Mines (incl. Rolspruit, Poplar & Evander South) 1.48Moz 1.99Moz 2.42Moz 21.06Moz 11.88Moz 2.19Moz

V"

Group Results and Strategic Overview

Group Reserve - Gold

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1.16Moz ! (11.34Mt @ 3.18g/t) 33% 67% 90% 10% 2012 2013 7.49g/t 2.49g/t 9.20Moz " (79.81Mt @ 3.43g/t) 3.23g/t 6.98g/t Proved Probable ! Barberton Mines " Barberton Mines Evander Mines (incl. Rolspruit) 0.38Moz 0.78Moz 8.27Moz 0.93Moz

PR"

Financial Summary : Group Results

Revenue

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ZAR millions 200 400 600 800 1,000 1,200 1,400 1,600 6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013 Platinum Sales (ZAR) 361.9 428.5 617.8 641.2 1,321.1 Gold Sales (ZAR) 26.9 _ 28.0 _ _

PP"

Financial Summary : Group Results

Attributable Profit

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ZAR (millions) 50 100 150 200 250 300 6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013 Impairment (ZAR) 59.9 84.8 174.1 166.6 275.9 Attributable Profit (ZAR) 4.4 _ _ _ _

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Financial Summary : Group Results

Headline Earnings Per Share

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Cents per share 2 4 6 8 10 12 14 16 4.54c 5.97c 12.06c 11.50c 6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013 15.11c

PO"

Financial Summary : Group Results

Gold Sold per Operation

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• z

20,000 40,000 60,000 80,000 100,000 120,000

6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013 BTRP (oz) 43,164 Evander (oz)

_ _

11,603 45,971 46,655 46,927 44,926 45,405 Barberton (oz)

_ _ _ _ _ _

PI"

Financial Summary : Group Results

Costs as defined by World Gold Council (ZAR/kg)

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50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000

6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013 253,510 295,281 423,276 458,898 424,022 Average gold price received 164,697 176,199 192,397 233,021 269,670 Cash Cost 196,096 221,304 256,717 285,327 312,219 All-in sustaining cash cost 196,096 221,304 256,717 344,826 337,673 All-in cost

PM"

Financial Summary : Group Results

Costs as defined by World Gold Council (USD/oz)

!"#$%&'()*+$,-)./#0$1'#)(-./$2#3*4/$1'-0.)#' USD/oz

200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000

6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013 1,032 1,286 1,736 1,685 1,311 Average gold price received 670 767 786 856 834 Cash Cost 798 964 1,053 1,048 965 All-in sustaining cash cost 798 964 1,053 1,266 1,044 All-in cost

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Operational Review Barberton Mines

P^"

Barberton Mines

Operation at a glance

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• ./"L)6"G%.*%$,"=2.)*"

A9292?&A05B#=& \./)$1$%&./"*)=2Z=)3E-.2*)/" &'Z/2'"3&,"-./"c++"-./"&'Z/2'" $%%="-./"*73H" `f/$%Z=2.2.1"%8",-2+2.1*"/-=*" CD5"):1#2&(05B#=& G%.3).,$-,%$"-./"9K4jk" G-$:%.Z2.Z+)-3E" 3)(0&%;)50&)22$);&%"#=$:1#2& E#22)?0&F5G& OPRURRR" PU!RRURRR" H0)=&?")=0&I&7;)25&600=&?")=0&F?I5G& PRWR" PWO" !#;=&%"#=$:0=&F#JG& VMURRR"@PPMURRR"2.3+W"9<(>C" !RURRR"["!MURRR" 4)'B&:#'5& \0Q^X^T%]" \0QIMIT%]" K$'5)92)>;0&:)%95);&%0"&)22$(& 4)%95);&0D%02=95$"0&6#"0:)'5& SJ(PRR"=2++2%." SJ(PPR"=2++2%." SJ(!"=2++2%." SJ(MR"=2++2%." L/A& P^"f)-$*" P!"f)-$*"

PX"

Barberton Mines

Operational Summary

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M)">0"5#2&A920'& "

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MEN7& "

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• ! N&++f"3%==2**2%.)/"%."P"m&+f"!RPO"8%$"-33%&.7.1"'&$'%*)*"

PV"

Barberton Mines - Safety Performance

Accident Rates

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Rates per million man hours 1 2 3 4 5

6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013 LTIFR RIFR LTIFR Target RIFR Target 3.60 2.61 3.09 2.16 1.56 1.10 0.33 1.03 0.62 0.94

!R"

Barberton Mines - Safety Performance

Total Recordable Injury Frequency Rate

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Rates per million man hours 5 10 15 20 25 30 35

6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013 Total Injury Frequency Rate Target - Total Injury Frequency Rate 33.30 22.50 21.20 13.81 15.59

!P"

Barberton Mines

Production Statistics (Mining Operations)

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20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013

2 4 6 8 10 12 Tonnes Milled Headgrade (g/t)

Fairview Consort Sheba Vamping Tonnes Headgrade

!!"

Barberton Mines

Production Statistics (BTRP)

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50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 6 months ended 31 December 2012 6 months ended 31 December 2013

0,0 0,5 1,0 1,5 2,0 2,5 3,0 Tonnes Milled Feedgrade (g/t)

BTRP Feedgrade

!O"

Barberton Mines

Gold Sold

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• z of gold

10,000 20,000 30,000 40,000 50,000 60,000 6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013 Surface (oz) 45,971 46,655 46,663 44,143 390 45,015 Underground (oz)

• 783
• 11,603

BTRP (oz)

• 264

!I"

Barberton Mines

World Gold Council Costs vs Average Gold Price Received (ZAR/kg) – including BTRP

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ZAR/kg 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013

253,510 295,281 423,276 458,898 426,101 Average gold price received 164,697 176,199 192,397 233,021 232,611 Cash Cost 196,096 221,304 256,717 285,327 269,526 All-in sustaining cash cost 196,096 221,304 256,717 344,826 295,134 All-in cost

!M"

Barberton Mines

World Gold Council Costs vs Average Gold Price Received (USD/oz) – including BTRP

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USD/oz 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013

1,032 1,286 1,737 1,685 1,317 Average gold price received 670 768 789 856 719 Cash Cost 798 964 1,053 1,048 833 All-in sustaining cash cost 798 964 1,053 1,266 912 All-in cost

!Y"

Barberton Mines

Cash Cost Breakdown (including BTRP)

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Totals: ZAR410.4 million R232,611/kg US$719/oz 45% 13% 18% 7% 11% 4% 3% Totals: ZAR324.4 million R233,021/kg US$856/oz 47% 16% 9% 8% 12% 4% 4% 6 months ended 31 December 2013 6 months ended 31 December 2012

Salaries Mining Processing Engineering / Technical Services Electricity Security Other

!^"

Barberton Tailings Retreatment Plant

Cost of Production

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A)<#"&7"#:0''92?&4#'5'& "

• !

Gf-.2/) "SJ(!IWO"=2++2%."

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e2=) " "SJ(XWO"=2++2%."

• !

D+)3,$232,fU"6-,)$" """""""-./"*)6)$-1) "SJ(IWR"=2++2%."

• !

G-$:%.Z2.Z+)-3E" """""""%$"'&+' " "SJ(!WY"=2++2%."

Totals: ZAR53.0 million R146,928/kg US$454/oz 84% 8% 8% 6 months ending 31 December 2013 Salaries & wages Processing Electricity

!X"

Barberton Mines

Capital Expenditure

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ZAR (million) 20 40 60 80 100 120 140 27.5 million 45.6 million 55.0 million 84.5 million 6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013 Maintenance Capital (ZAR) 11.7 15.8 29.7 18.5 20.0 Development Capital (ZAR) 25.3 29.4 16.2 121.6 million _ _ 83.1 BTRP (ZAR) _ 13.7 35.0 35.8

!V"

Barberton Mines

Exploration Metres Drilled Per Section

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Total : 8444m 46% 20% 34% 51% 15% 34% 6 months ended December 2012 6 months ended December 2013 New Consort Fairview Sheba Total : 7060m

OR"

Barberton Mines

Exploration Drilling (Top 20 percentile Boreholes)

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OP"

Barberton Mines

Resource & Reserve

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2.64Moz (8.94Mt @ 9.19g/t) 60% 30% 10% 63% 31% 6%

T

• tal Underground Resource

T

• tal Underground Reserve

13.54g/t 9.41g/t 5.56g/t

1.04Moz (4.38Mt @ 7.40g/t)

9.96g/t 4.84g/t 7.76g/t

New Consort Fairview Sheba

1.60Moz 0.79Moz 0.25Moz 0.66Moz 0.32Moz 0.06Moz

O!"

Barberton Tailings Retreatment Plant

Resource & Reserve

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0.72Moz (17.00Mt @ 1.30g/t) 50% 50% 29% 17% 8%

T

• tal Resource

T

• tal Reserve

1.50g/t 1.20g/t

0.13Moz (7.28Mt @ 0.56g/t)

1.59g/t 0.66g/t 0.83g/t

Indicated Inferred Fairview Bramber Low Grade Fairview Bramber High Gade Fairview Harper South Fairview Harper North Calcine Northern Segalla 30% 16%

0.50g/t 0.24g/t 0.36Moz 0.36Moz 0.04Moz 0.04Moz 0.02Moz 0.02Moz 0.01Moz

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Operational Review Evander Mines

OI"

Evander Mines

Operation at a glance

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4#(%)2*&3)(0& D5-./)$"#%+/";2.2.1"@>,fC"e,/" 4#$25"*&#6&#%0")1#2& 0%&,E"J8$23-" 7"#892:9);&<$"9'=9:1#2& ;'&=-+-.1-" 3$(>0"&#6&0(%;#*00'&& !UIIV" 3$(>0"&#6&:#25"):5#"'& MOX" 4#((#=95*&>092?&(920=& #%+/" !0#;#?9:);&'0@2?& <E)"n2=:)$+)f"())8"2.",E)"D5-./)$"9-*2." A9292?&A05B#=& \./)$1$%&./"3%.5).7%.-+"*3$-')$"=2.2.1U"$-2+Z:%&./" )h&2'=).,U"62,E"*%=)",$-3H+)**"=)3E-.2*)/" /)5)+%'=).," CD5"):1#2&(05B#=& GKeTGK>"Ef:$2/"'+-.," 3)(0&%;)50&)22$);&%"#=$:1#2& && E#22)?0&F5G& IRRURRR" H0)=&?")=0&F?I5G&

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OM"

Evander Mines

Operational Summary

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OY"

Evander Mines - Safety Performance

Accident Rates

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Rates per million man hours 2 4 6 8 10 12 14

6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013 LTIFR RIFR LTIFR Target RIFR Target 9.77 2.45 0.33 1.6 0.65 3.62 2.7 4.53 1.72 2.71

O^"

Evander Mines - Safety Performance

Total Recordable Injury Frequency Rate

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Rates per million man hours 2 4 6 8 10 12 14 16 18 20 22

6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013 Total Injury Frequency Rate Target - Total Injury Frequency Rate 19.97 8.68 9.85 7.59 5.12

OX"

Evander Mines

Production Statistics

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Tonnes Milled

50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013 1 2 3 4 5 6 7 8

Underground Headgrade Shaft 7 and 8 Underground Headgrade

OV"

Evander Mines

Gold Sold

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• z of gold

10,000 20,000 30,000 40,000 50,000 60,000 6 months ended 31 December 2009* 6 months ended 31 December 2010* 6 months ended 31 December 2011* 6 months ended 31 December 2012* 6 months ended 31 December 2013 Surface Sources 44,239 34,466 53,338 3,119 42,471 7 & 8 Shaft 3,730 8,263 8,295 3,875 39,289 * The following years were attributable to Harmony

IR"

Evander Mines

Total Cash Cost vs Average Gold Price Received (ZAR/kg)

!"#$%&'()*+$,-)./#0$1'#)(-./$2#3*4/$1'-0.)#'

ZAR/kg 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013

252,647 293,834 414,732 459,557 421,273 Average Gold price received 330,206 280,259 218,907 294,172 318,616 Cash Cost 474,695 346,903 247,874 341,405 368,604 All-in sustaining cash cost 485,421 391,551 272,655 374,265 393,854 All-in cost

IP"

Evander Mines

Total Cash Cost vs Average Gold Price Received (USD/oz)

!"#$%&'()*+$,-)./#0$1'#)(-./$2#3*4/$1'-0.)#'

USD/oz 500 1,000 1,500 2,000 2,500 6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013

1,029 1,280 1,702 1,688 1,302 Average Gold price received 1,344 1,221 898 1,080 985 Cash Cost 1,933 1,511 1,017 1,254 1,140 All-in sustaining cash cost 1,976 1,706 1,119 1,374 1,218 All-in cost

I!"

Evander Mines

Cash Cost Breakdown

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Totals: ZAR416.4 million R294,172/kg US$1,080/oz 50% 11% 5% 21% 8% Totals: ZAR426.8 million R318,616/kg US$985/oz 52% 12% 6% 21% 3% 2% 6 months ended 31 December 2012 6 months ended 31 December 2013

Salaries Mining Processing Engineering / Technical Services Electricity Security Other

1% 4% 4%

IO"

Evander Mines

Capital Expenditure

!"#$%&'()*+$,-)./#0$1'#)(-./$2#3*4/$1'-0.)#'

ZAR million 20 40 60 80 100 120 140 6 months ended 31 December 2009 6 months ended 31 December 2010 6 months ended 31 December 2011 6 months ended 31 December 2012 6 months ended 31 December 2013 Services Capital Allocations Major Capital Expenditure Shaft Capital Expenditure Abnormal Expenditure On-going Development 83.2 million 115.9 million 88.2 million 108.8 million 74.8 million

II"

Evander Mines

Resources & Reserve

!"#$%&'()*+$,-)./#0$1'#)(-./$2#3*4/$1'-0.)#' 29.70Moz (105.7Mt @ 8.74g/t) 21% 30% 21% 1% 14%

Total Underground Resource Total Underground Reserve

10.83g/t 6.6g/t 6.84g/t 7.60Moz (28.12Mt @8.40g/t) 2.80g/t 8.60g/t 7.49g/t 20% 11.68g/t 85% 8% 10.6g/t Rolspruit Evander Mines No.7 Shaft,

• No. 3 Decline & Vamping

Poplar Evander 8 Shaft Evander South 6.25Moz 2.31Moz 8.87Moz 6.27Moz 6.00Moz 6.46Moz 1.13Moz 6000oz

IM"

Evander Mines

Exploration Drilling (Top 20 percentile boreholes)

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Operational Review Phoenix Platinum

I^"

Phoenix Platinum

Operation at a glance

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IX"

Phoenix Platinum

Operational Summary

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Outlook

MR"

Outlook

for the FY2014

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MP"

RISKS

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Our Investment Case

MI"

Pan African Resources PLC

Our Investment Case

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Disclaimer

!"#$%&'()*+$,-)./#0$1'#)(-./$2#3*4/$1'-0.)#'

This presentation is provided on a confidential basis. ! The name 'Presenter' refers to Pan African Resources PLC and its advisors, subsidiaries or affiliated companies. ! This presentation has not been filed, lodged, registered or approved in any jurisdiction and recipients of this document should keep themselves informed of and comply with and observe all applicable legal and regulatory requirements. ! Statements or assumptions in this presentation as to future matters may prove to be incorrect. The Presenter makes no representation or warranty as to the accuracy of such statements or

• assumptions. Circumstances may change and the contents of this presentation may become outdated as a result, and the Presenter has no obligation to update the presentation or correct any

inaccuracies or omissions in this presentation. ! Recipients should not treat this presentation as advice relating to legal, taxation or investment matters and are advised to consult their own professional advisers. ! This presentation may not be reproduced in whole or in part, nor may any of its contents be divulged to any third party without the prior consent in writing of the Presenter. ! The recipient acknowledges that neither it nor the Presenter intends that the Presenter act or be responsible as a fiduciary to the recipient, its management, stockholders, creditors or any

• ther person. Each of the recipient and the Presenter, by accepting and providing this presentation respectively, expressly disclaims any fiduciary relationship and agrees that the recipient is

responsible for making its own independent judgments with respect to any transaction and any other matters regarding this presentation. Furthermore, the information contained in this presentation may also qualify as “inside information” as defined in the Securities Services Act, 36 of 2004 (“SSA”). In terms of the SSA, it is a criminal offence for a person who knows that he or she has inside information to –

• !

deal directly or indirectly or through an agent for his or her own account, or for the account of another person, in listed securities to which the inside information relates;

• !

disclose the inside information to another other than in the proper course of a person’s employment, profession or duties; and

• !

encourage or cause another person to deal or discourage or stop another person from dealing in the listed securities to which the inside information relates. The Presenter makes no representations as to the actual value which may be received in connection with a transaction nor the legal, tax or accounting effects of consummating a transaction. Unless the expressly contemplated hereby, the information in this presentation does not take into account the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other effects. The Presenter shall not have any liability for any loss suffered due to reliance being placed on this presentation, the information contained herein or the oral presentations referred to. This presentation is for information purposes only and does not constitute an offer or invitation to subscribe for or purchase any securities, and neither this presentation nor anything contained therein nor the fact of its distribution shall form the basis or be relied on in connection with or act as any inducement to enter into any contract or commitment whatsoever.

MM"

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THANK YOU