Mining for a Future means never standing still.

It’s been a tumultuous two years for the world, but Pan African Resources continues to build and grow in keeping with our mantra: Mining for a Future.

SOME OF THE PROJECTS WE ARE FORGING AHEAD WITH INCLUDE:

• The ongoing development of our Mintails acquisition, with the potential to add 50 000 ounces to ou r annual gold production and much needed environmental benefits for the area.

• Continued innovation and optimisation at Evander Gold Mines, mining what is one of the largest unexploited gold orebodies in the world.

• Increased investment in solar renewable energy at all our operations, representing significant cost savings but also assisting with our decarbonisation strategy.

• A host of ESG activities including the first blueberry harvest at the Barberton community project and continued support for the Barberton Mountainlands Conservation Area Biodiversity and Care for Wild Rhino project presently offering safe haven and care to orphaned Rhinos.

www.panafricanresources.com

CEO

Jubilee Metals

www.jubileemetalsgroup.com

IF there’s one conclusion to be drawn from the events of the past year for Jubilee it’s that Leon Coetzer – and his mentor, former chairman Colin Bird – are a lot better at fundraising on the stock market than forecasting developments for their group. After a decade of underperformance – Jubilee stock collapsed from 50 pence in June 2009 to below 2p in 2014 and stayed there until about August 2020 – the company’s shares surged back to life, spiking to 20p in May 2021. Jubilee promptly took advantage of that to raise £30m at 16p a share in September 2021 to fund its expansion in Zambia. A year ago Coetzer was waxing lyrical about prospects, saying Jubilee was planning a global roll-out strategy to address vast international opportunities, with the group “in a unique space, positioned to make a difference on a global scale”. A year later, he is still speaking volubly on prospects but the investors who kicked in for those shares at 16p a pop cannot be too happy because the stock has been on a steady decline throughout 2022, down to current levels around 10p. At end-June Jubilee shares had a tangible net asset value of just 4.8p a share, which was 40% up on a year previously. As part of the global development plan, Jubilee founder Bird is stepping down and will act in an advisory role to new chairman ‘Ollie’ Oliveira. Coetzer listed a string of achievements for 2022, including completion of construction on the new Roan copper concentrator, with nameplate throughput rates achieved in September while construction and ramp-up of the 45%-expanded Inyoni operation was completed in March. The company also settled long-term debt of £5.3m but earnings were 25% down at £36.8m.

Life Of Leon

Coetzer has been running Jubilee since 2010, when he was promoted from MD of smelting and refining to replace Bird, who was then CEO. Coetzer is a metallurgist by training, with a degree in chemical engineering from Stellenbosch University. Before joining Jubilee he worked for Anglo American for 20 years, of which 16 were spent with Anglo Platinum, where he held various technical and operational management roles. His management style has always been low-key, leaving Bird to act as the front man. However, that may be changing judging by the forward-looking hype in his reviews over the past two years, which investors will be hoping he can deliver on.

We have consistently demonstrated care and have always prioritised the safety and well-being of each of our people. We believe in empowering communities through active engagement and forging strong relationships built on trust and integrity. At Harmony, sustainable mining ensures we safeguard the future of our children and the planet through safe, profitable ounces. Now, with the introduction of copper into our product mix, we will further our green ambitions, creating even more value for all our stakeholders.