The African Focused Gold Mining Company

Corporate Presentation
April 2010

Strategic Overview
Quoted on AIM (share code PAF) and listed on the JSE (share code PAN) Market capitalisation of approximately 90 million (6 April 2010) Strategy: continue to build a profitable, African focused gold mining company Supplement cash flow from gold business with low cost PGM production Achieve growth from internal cash flow (no debt ability to gear) Production and growth focus remains on: Low cost base High operating margin Significant growth potential

Salient Features
Unhedged and debt free (as at 30 March 2010 - 9 million in cash). Gold sales of 53 million and an operating margin of 25% for the year ended 30 June 2009. Dividend paying. Operate the low cost Barberton Mines (South Africa) Approximately 100,000oz per annum Cash cost < ZAR160,000/kg Developing 405,000oz PGM (Platinum Group Metals) surface tailings resource Approximately 15,000oz PGM production per annum commencing in the second half of 2011 Cash cost of <US$360/oz 4 PGM Capex of < 9 million Reviewing acquisition of 25% stake in a low cost operating PGM plant. Strong management team with proven track record Consistent operational performance Board technical skill base Strategic partnership with Shanduka Resources

Geographic Locations

Project Summary

Barberton Gold Mines South Africa

Geographic Location

Regional Infrastructure
Barberton Mines is situated 25km southeast of the town of Nelspruit, the main business hub of the Mpumalanga province in South Africa. The Mpumalanga Province:

Has well developed infrastructure of roads, railways & telecommunications (70% of 2008 budget of US$1.8 billion was spent on road upgrades) Accommodates most of South Africas power stations as result of the large coal deposits present in the province which supplies the national ESKOM power grid Has a 1,500km pipeline network which delivers natural gas as an alternative source of power from Mozambique delivering 53 million GJ per annum Completed the Moloto Rail Corridor project improving rail linkage between the province and Gauteng (main financial hub of South Africa) at cost of US$1 billion Is upgrading the nearby Kruger International airport hub by US$38 million Has sophisticated commercial & financial business structure complemented by a spectrum of professional service providers Quality housing, excellent medical, social and cultural facilities Modern industrial development parks

Historical Gold Production from an established gold camp

Production Statistics

Average Cost vs. Average Gold Price Received (US$/oz)

Note: Adjusted by PPI

Cash Cost Breakdown (excluding Capex)

Capital Expenditure (excludes surface programme)

Resource Growth

Peer Group Comparison of Cash Costs

Source: Company disclosure, Macquarie research. Cash costs as per last reported date. * Great Basin cash cost excludes milling and haulage charges

Phoenix PGM Business

Geographic Location

Why PGMs from Chrome Tailings?

The concept is simple. Mining risk is low Metallurgy is well understood from current operations Environmentally friendly Engineering design and cost structure is well understood from current operations Plant footprint small (50m X 50m) Compelling economics Low cost, low risk & high margins

Phoenix Chrome Tailings Retreatment Plant

Products mined: Production tons per year: Grade: Content: Estimated plant Capex: Extraction method: LOM: PGM 4Es (Platinum, Palladium, Rhodium and Gold*) 240,000 t 3.00g/t 405,000 ounces (PGM 4Es) 9 million Concentrator/flotation plant. 17 years.

* Platinum (56.5%), Palladium (27%), Rhodium (16%) and Gold (0.5%)

Chrome Seams: In Situ PGM Content

Assumed PGM upgrade supported by typical Chrome Tailings Retreatment Plant (CTRP) Operations CTRP Operation AQPSA - RK1 Sylvania - Millsell Sylvania - Mooinooi Sylvania - Steelpoort Sylvania - Lannex Phoenix BIC AREA Kroondal Kroondal Mooinooi Eastern Limb Eastern Limb Mooinooi Seams LG6, LG5 LG6, LG6A MG1, MG2 LG, & MGs MG1 MG1, MG2

In situ Grades
0.8 g/t 0.8 g/t 1.8 g/t 2.5 g/t 1.8 g/t 1.8 g/t

Plant Head Grade 2.7 g/t 2.9 g/t 3.2 g/t 5.0 g/t 3.2 g/t 3.2 g/t

Chrome recovery by the chrome producer increases the PGM grade in the tailings Lower Group (LGs) seams contain 50 to 65% chrome Middle Group (MGs) seams contain 30 to 45% chrome 95% of the PGMs are contained in the <105 micron material Further upgrading to the inner core of tailings dams occur when tailings are discarded (high grade fine tails gravitate to the centre penstocks) Screening-off the coarse fraction tailings at the chrome washing plant enhances the grade into the CTRP The total effect of these upgrading influences can increase grades by as much as 3 times the in situ grade.

Project Schedule
2010
Process Freeze Vendor Contract Execute Contract definition Submit offer Order Placement for LLIs

2011

24/04

16/05

21/06

10/7

Mid Aug

Process Design Criteria

Process review

Site Negotiations

Upfront Engineering and LSTK Price Earthworks (start 22/7) Execution

PHASE 1 Mar Apr May Start of Upfront Engineering and Re Estimate

PHASE 2 Jun Jul Aug Final Approval

PHASE 3 Aug
Commissioning Eng Aug 2011

Fixing Lump Sum & Finalize Contract

RK1 Consortium

Investment Strategy
Increase in attributable PGM ounces of 150Koz Immediate cash flow / earnings Leverage to Kroondal dump: Suppliers fee Strategic treatment capabilities
Gain further insight into CTRP Reduced Infrastructure Risk

Historical Data
Annual Results: Year End June
Source: Aquarius Platinum Limited Annual Reports Year ended Tons treated Head grade Basket price PGM's PGM's Opex Opex Recovery Revenue (June) (t) (g/t) $/oz Oz (4E) Oz (6E) R/oz (4E) $/oz (4E) % (RM) 2009 246 617 2.34 1 241 6 824 10 013 3 003 332 38 28.0 2008 274 000 4.20 2 224 9 849 15 068 2 666 369 27 155.0 2007 182 000 4.32 1 704 7 408 11 101 2 377 331 31 77.0 2006 162 000 3.21 1 207 6 234 8 851 2 507 394 40 43.0 2005 56 000 2.71 834 1 058 2 940 2 308 367 42 4.3

Profit before tax for the year ending 30 June 2009 was approximately 243,040. Profit before tax for the year ending 30 June 2008 was approximately 4.5 million. The reduction in production and profit from 2008 to 2009 was mainly the result of: Increased capital expenditure and Lower metal prices Unstable supply of current tailings streams affecting both tonnages and grade. Chromite producers cutback in capacity as a result of depressed metal prices Enforced supply of lower grade material from tailings dams to the RK1 plant Production and profit forecasts are envisaged to return to 2008 figures as a result of: Significant planned increase in production from current tailings streams. Reduction in capital expenditure Planned increase in recovery due to plant optimisations Recovery PGM metal prices

The South African Platinum Industry: Cost

The CTRP has one of the lowest cash operating costs (R/PGM oz) in the platinum industry Data below is correct as at August 2009 (as per Nedsec platinum analyst) CASH OPERATING COSTS (R/oz)
12 000 10 000 8 000 6 000 4 000 2 000 0

Effect of Bulking up on high margin PGM cash flows

The PGM business has the potential to increase the Groups revenue within 24 months by 17%. In this scenario (assuming no growth in gold production to only illustrate the impact of the PGM cash flows) revenue comes at a margin of 4 times that forecast for gold. Acquisition and capital costs of approximately 29 million is paid back within 3 years. Ability to fund PGM growth via internal cash flows. Business has LOM greater than 10 years.

Outlook

Conclusion
Continued strong operational performance from Barberton gold mines. Review of Price/Earnings ratio one of the best amongst peer group: clearly showing current value. Market capitalisation/oz clearly indicates Pan African is remarkably cheap and even more so based on market capitalisation per ounce of annual production. This neither takes into consideration further gold expansion, nor the value of the current platinum business. The Company is fully leveraged to the gold price and strong cash flows together with low operating cost base positions the Company well for future growth.

Contact Details
Corporate Office 21 Cradock Heights Cradock Avenue Rosebank South Africa Telephone: +27 (0) 11 243 2900 Registered Office 6 St Jamess Place London SW1A 1NP United Kingdom Telephone: +44 (0) 20 7499 3916

www.panafricanresources.com

Disclaimer
Statements in this presentation, other than historical facts, that address, without limitation, exploration activities, mining potential and future plans and objectives of Pan African Resources plc (Pan African) are forward-looking statements and forward looking information that involve various risks. Assumptions and uncertainties and are not statements of fact. The directors and management of Pan African are of the belief that the expectations expressed in such forward-looking statements or forward looking information are based on reasonable assumptions, expectations, estimates and projections, however such statements should not be construed as being guarantees or warranties (whether express or implied) of future performance. There can be no assurance that such statements will prove to be accurate and actual values, results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from statements expressed in this presentation include, among others, the actual results of exploration activities, technical analysis, the lack of availability to Pan African of necessary capital on acceptable terms, general economic, business and financial market conditions, political risks, industry trends, competition, changes in government regulations, delays in obtaining governmental approvals, interest rate fluctuations, currency fluctuations, changes in business strategy or development plans and other risks. Although Pan African has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. Neither Pan African nor its directors, management and its affiliates represent guarantee that the assumptions underlying such statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation. Any statements in this presentation speaks only at the time of issue. Pan African does not undertake to update any forward-looking statements that are included in this presentation, or revise any changes in events, conditions or circumstances on which any such statements are based, except in accordance with applicable securities laws and stock exchange requirements. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, actuality, fairness, or completeness of the information presented. None of Pan African or any of its affiliates, directors, officers, employees and advisers nor any other person shall have any liability whatsoever for any losses arising, directly or indirectly, from any information contained in the presentation. This presentation does not constitute an offer or invitation to purchase or subscribe for any shares of Pan African and no part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment. By accepting this presentation the recipient acknowledges that it will be solely responsible for its own assessment of the market position of Pan African and that it will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of Pan African.