Step-down margin notification Pan African Resources Funding Company Limited (Incorporated in the Republic of South Africa) (Registration number 2012/021237/06) Company code: PARI Bond code: PARS02 ISIN: ZAG000192766 Bond code: PARS03 ISIN: ZAG000209834 ("PAR Funding Company" or the "Issuer") STEP-DOWN MARGIN NOTIFICATION Noteholders are referred to the announcement released on SENS on 10 September 2025 wherein Noteholders were advised of the Issuer's progress on its key performance indicators relative to its baseline/benchmark targets, as verified by the independent external reviewer. Noteholders were advised of the applicable margin adjustments in the said SENS announcement. For clarity, the following Margin Adjustment Events have occurred: Margin Adjustment Event applicable to PARS02 Noteholders are referred to Appendix 1 – "Additional terms and conditions relating to the PARS02 Notes - sustainability-linked bonds" contained in the applicable pricing supplement relating to the PARS02 Notes and, using the terms defined therein, are advised that, save for KPI 1, the Issuer has met all sustainability performance targets relevant to Target Observation Period 3 (i.e. SPT3), to the satisfaction of the Sustainability Coordinator. Accordingly, the Margin Adjustment Event has occurred in accordance with paragraph 1.11 of Appendix 1 of the applicable pricing supplement and the Initial Margin will be decreased by 3 basis points from 375 basis points to 372 basis points. In accordance with the terms of the PARS02 Note, this revised Margin is applicable for the Interest Period which commenced on 15 September 2025, and therefore applicable to the Interest Payment dated 15 December 2025. Margin Adjustment Event applicable to PARS03 Noteholders are referred to Appendix 1 – "Additional terms and conditions relating to the PARS03 Notes – sustainability-linked bonds" contained in the applicable pricing supplement relating to the PARS01 Notes and, using the terms defined therein, are advised that, save for KPI 1, the Issuer has met all the sustainability performance targets relevant to Target Observation Period 1 (i.e. SPT1), to the satisfaction of the Sustainability Coordinator. Accordingly, a Margin Adjustment Event has occurred in accordance with paragraph 1.11 of Appendix 1 of the applicable pricing supplement and the Initial Margin will be decreased by 3 basis points from 305 basis points to 302 basis points. In accordance with the terms of the PARS03 Note, this revised Margin is applicable for the Interest Period which commenced on 22 September 2025, and therefore applicable to the Interest Payment dated 22 December 2025. As noted in the SENS announcement dated 10 September 2025, the Sustainability Certificate, including the KPI Auditor's reports are available on Pan African Resources Plc's website at: https://www.panafricanresources.com/investors/domestic-medium-term-note-programme/ Rosebank 7 October 2025 Debt Sponsor Questco Corporate Advisory Proprietary Limited Date: 07-10-2025 04:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.