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I hadn't listened to the 10 March link below before this evening and it fills in a few gaps (especially Hendrik P's offering). We could be underestimating NT and NSW potential.

https://www.panafricanresources.com/wp-content/uploads/2026/03/PAR-Presentation-Emmerson-Transaction-20260310_095641UTC-Meeting-Recording.mp3

Have kept quiet for weeks but we may just be back ready to go after 5 - 6 months of sobriety.

Multiple factors. Among them is to discover what more we can get out of Klerksdorp / Soweto and Barkly / NT. Could add nearly 100k ozs p/a. Fairly optimistic. And then we may also be having an update on Poplar / Mpumalanga, (sadly Bustard did not detour via Beit Bridge for a conducted tour of Barberton when he was in Zim.)

"deepest zim" - don't know if you got across to vic falls, livingstone, and kariba. (barely escaped a rogue bull elephant years ago at hwange/****ie.

noted hendrik p bought some stock . . . would like to see his geo data on nt and nsw.

Having been out of the loop for 3 weeks I found the following a well-balanced critique:

https://www.miningmx.com/news/gold/64781-pan-african-pays-its-way-out-of-aussie-gold-penalty/

Bus, perhaps I am less sceptical about NSW Cu anomalies. PAF has an open invitation to investigate several Macquarie Arc targets. Also, " Pan African to hold several tenements across the Macquarie Arc, with clearly defined exploration targets slated for further investigation".

. . . plus Hermitage (Tennant) has some interesting Au / Cu nos. Together with four SA initiatives it;s going to be a busy year.

. . . just browsing annual results (see p.9)

https://wcsecure.weblink.com.au/pdf/ERM/03067559.pdf

Some flatulence has set in - to be expected - but extra tidbits are emerging. Included in the link below is confirmation "despite more than 90 years of exploration and mining activity, less than 8 percent of historical drilling in the Tennant Creek mineral field has extended below 150 metres. The deposits are high-grade, they are close to surface infrastructure, and they are overwhelmingly understudied at depth". And the deal enables "full control of one of Australia’s most historically significant — and arguably most underexplored — gold districts". NSW (Cu) will therefore come into the frame at some point.

https://serrarigroup.com/pan-african-resources-moves-to-absorb-emmerson-in-218-million-all-share-deal-betting-on-tennant-creeks-untapped-depths/

The report contains a lot more meat on the bone. NSW tenements are~500 sq km. Copper is not going to lose its head of steam.

Beginning to look more like a very sound investment decision

Useful content - https://www.miningmx.com/news/gold/64593-pan-african-goes-all-in-on-australias-heart-of-gold/

(I note the Barkly platteland has been waterlogged for several weeks)

Darren Bowden and Cobus would have exchanged a few words and shared a Castle beer or two at the Mt Nelson and CT Waterfront whilst at the indaba. Surely Nicaragua and the Philippines would have been part of the conversation.

For the purist

https://www.panafricanresources.com/wp-content/uploads/2026/03/Pan-African-Resources_Emmerson-Resources_Transaction-Announcement_9-March-2026-1.pdf

Initial White Devil AISC punitive @ $2,600. Can see why Cobus is licking his lips with >1,700 sq km on the menu. July lift-off.

For the purist

https://www.panafricanresources.com/wp-content/uploads/2026/03/Pan-African-Resources_Emmerson-Resources_Transaction-Announcement_9-March-2026-1.pdf

Initial White Devil AISC punitive. Can see why Cobus is licking his lips with >1,700 sq km on the menu.\g\ggggggggggg\g\g\gg

Https://www.panafricanresources.com/mining-operations/tcmg/

6-minute video with Tennant in the mix, which I hadn't looked at. White Devil heads the queue but Warrego - and Cu - won't be far be very far behind. CL added a few words yesterday and another interview is underway.

Perhaps after examining the raft of ERM interests / projects it would be smarter to step back and take a deep breath - even ignore NSW Cu Arc studies. Poplar, Queen Sheba and Soweto (another 50k oz) are already very demanding exercises and we are not a Newmont or Rio just yet . $218m is hardly chicken feed. white Devil in all likelihood will proceed but I note the AISC price tag is ~$2,100/oz. Okay, great if Au reaches $6k this year. Agreed, £3/share could be over-ambitious.

Https://wcsecure.weblink.com.au/pdf/ERM/03050366.pdf

There's a lot to examine here. Warrego next. At least ERM had some cash in the bank.

I note Hendrik is already at the starting gate. Fireworks @ 10:00 GMT 10/03/26 tomorrow.

https://www.bolsamania.com/nota-de-prensa/mercados/pan-african-resources-plc---pan-african-to-acquire-emmerson-resources--21969574.html

Yes, ASX is another string to the bow . . . and Bustard is way short with his £3 unless he was referencing 2026 calendar year alone. (I plan to write to Hendrik P if he does not put out another presentation, say, by June.)

Hardly a zephyr response from camp followers . . . massive Tennant acreage added (if deal completed Q2) with Cu in the mix. Further research merited on existing literature.

. . . notable several of us are riveted by two stocks. My view is the Great Dyke and the underground Rustenburg initiative will project THS on a similar path / result to PAF.

PAF added a useful tool to their kit yesterday. Sign up for comms. I suggest, say £3, is way short of company aspirations. Poplar and Sheba lower levels alone will alter outlook. SA mining generally will undergo a renaissance this year.

https://www.panafricanresources.com/horizons-newsroom/