Member Info for viable

D) https://www.metalsdaily.com/charts/gold/ self-explanatory

e) three replies received: most incidental questions here addressed in the affirmative. There will be smiley faces come10 September

f) shall be adding modestly and increasing thereafter pending developments in Chile, DRC, Nicaragua

g) have been going through SARS literature again. All the information is available. None of it applies to me as I gave away everything before returning to England, restarting from scratch. I do, however, advise a handful of folk when winding up estates, etc . . . and note total ineptitude in SARS and the Master's Office. Also, lawyers out there are very opportunistic

h) HMRC makes taxation question reasonably clear. SARS info is also succinct. None of it applies to me for reasons already given. But ducking Canadian withholding tax looks impossible unless I capitulate on PTAL.

i) UK funds / instis are taking up modest quantities of stock. Allan Gray SA have reduced on one fund but increased on another

j) expect small increase on dividend or an interim

Item

a) noted I missed a critical m/m ploy if the day's Exchange chart is correct. See https://www.londonstockexchange.com/stock/PAF/pan-african-resources-plc/company-page

b) I may have some relevant information from SA this week

c) will add to double taxation subject shortly.

. . . up to 30/08 @ Bretana = 526,338, Ucawa = 10,627 barrels

Manolo et al treading water at present and perhaps falling short of revised guidance. No matter as there is plenty going on elsewhere but I had been looking forward to Zapote 3D and horizontal drilling at Los Angeles.

(sic) "The bird's eye view of Tantalite Valley, near Warmbad"

Mark Gasson is a bit quiet. Perhaps he has gone walkabout with geo-pick and other gear to seek out some Ag, Co, Ge and other at Kalayi Boin / Mt Agoma. After cores were airfreighted to Canada I interpreted it to mean the complex nature of mineralisation was outside the scope of Jhb labs. Hence the reason for Ge being overlooked during early days at Lubumbashi.

The bird's eye view of Tan project be talite Valley, near Warmbad, gives an excellent visual to even an untrained eye just how fascinating the geology subject is. Equally will the Bisie North licence be economical ?

Https://www.tharisaplc.co.uk/weekly-pgm-and-chrome-info.php

Encouraging

(supper break)

We were ahead of Harmony / MAC although not quite having the clout/wonga of HAR. Great expectations for the 1,400 sq km around Barkly somewhere down the track.

https://businesstech.co.za/news/business/836488/south-africas-top-gold-miner-buying-australian-company-for-r19-billion/

Briefly

a) Cobus doesn't want to spend the rest of his life faffing around on the AIM; b) I am in touch with a handful of SA companies but none of the comms guarantee overwhelming success; c) NYSE is closed today, so as they say, "môreoggend is nog 'n dag".

@ 14:38 - You have given me something new to examine but I'm busy with meetings for the afternoon / evening. Dividend payments to UK holders are in full: https://www.marketbeat.com/stocks/LON/PAF/dividend/

Further I am uncertain from your wording of domicilium. For example one standpoint is: https://www.gov.uk/hmrc-internal-manuals/double-taxation-relief/dt17353

In my case I worked 30+ years in southern Africa and 5+ years in Canada. I left all assets without exception to folk there and have no taxable liability in SA (SARS). Canada is a different kettle of fish and, seemingly, there is no escape from a 15% withholding tax. After returning to England I had to throw in the towel at 80. Otherwise I would still be pushing the boat out . . . will look into the matter.

All views welcomed. Anything negative on Great Dyke, Ngezi, barely so. I take it some regard Karo as folly and the expansion requirement over the next 5 years is hardly justified. Other than Limpopo I cannot see where new PGMs are to be found. Please enlighten . . .

FTSE 250? I'll write to one of the lads and will post the answer if it comes. Although one-eyed on PAF I am aware of options, e/g. ALTN and others, but having contact with a couple of SA fund managers I am unsure about diverting any funds to Kazakhstan etc. Also the Barkly (NT) carrot is very attractive.

Sic / £164,160

6.08 billion shares issued = 608,000,000,000 = 9 zeroes sequence. Therefore 2.7p = market valuation of £164,160.000. Maybe, maybe not.

Item

a) Au seems to be close to its record high. Perhaps $4,000/oz near term is not far off (or crazy)

b) noted some are smart enough to check the sector elsewhere. GFI is looking after its s/holders, MTL plagued with its own ZamaZamas, HOCH hiccup, GGP overhyped(?) c) unsure of buyback regs . . . we might be in close period d) every reason to expect SP to be north of 70p come webcast day.

Staying quiet as it would be bonkers to get carried away on the subject. Lubumbashi, where the surprise tailings discovery was made, is a long way from Mt Agoma. but mineralisation characteristics are similar. (Likewise cobalt could be present in small numbers.) https://www.stlgcm.com/ More info can be found on the web re Gécamines.

. . . and 1,975,331 U/T @ 63.30p to be added.

Although forward momentum should be maintained I am keeping quiet for a spell. Another inspection of the June RNS suggests there is not unbroken blue sky ahead but progress is satisfactory. Au @ $3,400/oz would be helpful, of course.

Having had another look at the illegals, especially those crossing from Mozambique, bringing firearms inevitably leads to gang firefights. Mpumalanga generally is crime-ridden, no worse than Johannesburg itself, but incidents add another layer to SA's lawlessness since1992. I now learn there are over 1,000 cameras in and around Sheba with a state of the art control room. (We could do with similar attention here in Kent.)(Sheba is important for the future as there are another 100 years of ore to be found.)

. . . watching and waiting for Hendrik Pretorius' news as Warrego with its Cu could be a real catalyst.

. . . have had follow up from a couple of guys who know those steep hills a lot better than I do. My ideas on sealing entry points won't work, and the countermeasures in place are more numerous and effective than I realised. Progress on removing illegals is described as "significant".

The key date to remember is 10 September and a riveting webcast to boot. Details early next week.

"A former illegal miner told EWN how he and others were let in under the cover of darkness, ushered through back routes by security personnel who knew the tunnels well. . . He said for a small cash payment, guards would show them the safest shafts to descend, map out underground pathways, and point out hidden trails used to get food and water to those working deep below".

Whilst Barberton / Sheba is only one of five SA operations the ZamaZamas are a permanent thorn unless a ring of steel can be erected across the terrain. Meaningful reserves are to be found in extensions to the different levels. With Au price strongly tipped to increase, illegal extraction will be difficult to control; breaking a culture of corruption in security staff is a headache. Sealing all known entry points with explosives is a logical first step. (more to follow if relevant info is received)

I have a bit to add after feedback from Liberty and Momentum.za but avoid the fluff. Perhaps of greater value is DRD's increased divi which may be an indicator for PAF. Comparing the two companies is awkward, but PAF seems favourably placed.

https://www.drdgold.com/media-insights/media-releases/2025/1784-drdgold-doubles-final-dividend-for-fy2025

. . . plus a very recent quote: "quite happy with the results, and just need natural gas prices to follow the expected path into the $4/MMBtu range to start to unlock the value of our assets". Untapped reserves stacked in JeffersonDavis (Gwinville) formations.