Pan African Resources Investor Presentation — June 2020

Document content

30 JUNE 2020WWW.PANAFRICANRESOURCES.COM

ADR:PAFRY2DISCLAIMER

The name 'Presenter' refers toPan African Resources PLC anditsadvisors, subsidiaries oraffiliated companies .

This presentation has notbeen filed, lodged, registered orapproved inany jurisdiction and recipients ofthis document should keep themselves informed ofand comply with and observe all

applicable legal andregulatory requirements .

Statements orassumptions inthis presentation astofuture matters may prove tobeincorrect .The Presenter makes norepresentation orwarranty astotheaccuracy ofsuch statements or

assumptions .Circumstances may change and thecontents ofthispresentation may become outdated asaresult, and thePresenter has noobligation toupdate thepresentation orcorrect any

inaccuracies oromissions inthispresentation .

This presentation may notbereproduced inwhole orinpart, normay anyofitscontents bedivulged toanythird party without theprior consent inwriting ofthePresenter .

The recipient acknowledges that neither itnorthePresenter intends that thePresenter actorberesponsible asafiduciary totherecipient, itsmanagement, stockholders, creditors orany other

person .Each oftherecipient and thePresenter, byaccepting and providing thispresentation respectively, expressly disclaims anyfiduciary relationship and agrees that therecipient isresponsible

formaking itsown independent judgments with respect toanytransaction andanyother matters regarding thispresentation .

Furthermore, theinformation contained inthispresentation may also qualify as“insideinformation” asdefined intheFinancial Markets Act(Act No.19of2012 )(‘FMA’) .Interms oftheFMA itisa

criminal offence foraperson who knows thatheorshehasinside information to:

•deal directly orindirectly orthrough anagent forhisorherown account, orfortheaccount ofanother person, inlisted securities towhich theinside information relates ;

•disclose theinside information toanother other than intheproper course ofaperson’s employment, profession orduties ;and

•encourage orcause another person todeal ordiscourage orstop another person from dealing inthelisted securities towhich theinside information relates .

The Presenter shall nothave any liability forany loss suffered due toreliance being placed onthis presentation theinformation contained herein ortheoral presentations referred to.This

presentation isforinformational purposes only and isnotintended toprovide legal, tax,financial, investment orother advice .You must make your own examination ofthetax,legal, financial and

other consequences ofthisproposal and youshould nottreat thecontents ofthispresentation asadvice inrelation toanysuch matters .Ifyouareinanydoubt astowhat action youshould take, you