Name of the Project
Soweto Tailings Retreatment (STR) project.

Location
Adjacent to the Mogale Tailings Retreatment (MTR) operations on the West Rand of Gauteng, South Africa.

Project Owner/s
Gold producer Pan African Resources.

Project Description
Pan African announced completion of the definitive feasibility study (DFS) on September 11, 2026.

The project entails retreating the Soweto Cluster tailings storage facilities (TSFs), acquired as part of the Mintails transaction. Mineral reserves total about 108-million tonnes grading 0.28 g/t gold, containing about 980 000 oz.

The DFS evaluates a dedicated 600 000-t-a-month tailings retreatment operation adjacent to the existing MTR processing facility.

The development includes hydraulic mining infrastructure, pumpstations, about 18 km of overland slurry and water pipelines, process water infrastructure and a new tailings deposition facility designed to comply with the Global Industry Standard on Tailings Management.

STR will use the existing MTR elution, carbon regeneration, electrowinning and smelting infrastructure.

The project is expected to produce 35 000 oz/y to 40 000 oz/y of gold and about 561 000 oz over a 15-year life-of-mine. Combined MTR complex production could reach about 100 000 oz/y at peak production.

The project will also accelerate rehabilitation of historical tailings facilities and surrounding areas.

Potential Job Creation
Not disclosed.

Net Present Value/Internal Rate of Return
At a gold price of $3 550/oz, the project has an estimated after-tax net present value of about R1.85-billion, at a 13% discount rate, and a real, ungeared internal rate of return of about 29.55%. Payback is estimated at about three years after commissioning.

Capital Expenditure
The value-engineered capital is estimated at about R3.68-billion, including a dedicated new TSF and associated remining infrastructure.

Planned Start/End Date
A final investment decision is targeted for December 2026, subject to board approval, financing and the required statutory authorisations. Construction is expected to take about 28 months from the investment decision.

Latest Developments
Principal environmental authorisations are expected during the 2027 financial year. Pan African intends to advance the remaining permitting, optimisation and financing workstreams during that financial year.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Pan African Resources, tel +27 11 243 2900 or email info@paf.co.za.