Pan African Resources PLC

The board places specific focus on ESG considerations, risks, opportunities, stakeholder relations, innovation and the creation of shared value within the business. The board has delegated responsibility for the Group's environmental, social and economic development performance to its social and ethics committee. This committee's primary purpose is to provide recommendations to the board on ESG and stakeholder management. The committee also ensures that the Group remains a committed, socially responsible corporate citizen by ensuring a sustainable business and considering its economic, social and environmental impact on the communities in which it operates. The committee receives reports from various business areas within the Group on a regular basis to ensure oversight and accountability for achieving its ESG goals and objectives. [...] The SHEQ committee supports the board in monitoring the effectiveness of the Group's SHEQ policies and programmes and compliance with relevant standards. The social and ethics committee aids the board in ensuring that the Group is a committed and socially responsible corporate citizen by developing a sustainable business model that takes into account the Group's economic, social and environmental impact in the areas where it operates.

We have enhanced our governance of climate change matters by including climate change in the mandates of our social and ethics committee, our safety, health, environment and quality (SHEQ) committee and our audit and risk committee. In addition, at the operational level, we have established the climate change and energy management committee, which is a cross-functional committee consisting of the Group's engineer and environmental, social and governance (ESG) specialist. At the operations level, members include engineering managers, energy managers, SHEQ managers/officers and environmental managers/officers. This committee produces monthly reports that keep executive management abreast of energy efficiency initiatives, energy consumption and related emissions data, as well as potential projects that will mitigate and adapt to the climate crisis. [...] Over the past two years, we have taken significant actions to improve our understanding of climate change risks and opportunities. For example, we have commissioned audits and assessments relating to our use of energy, water and waste management. These have facilitated the implementation of energy, water and waste management initiatives and are being incorporated into our risk management processes. [...] Specific examples of where the board's climate change mitigation strategy has provided oversight on climate change-related matters include delegating to the social and ethics committee and Exco the powers to evaluate, monitor and report on the following: - Approval of audits and assessments relating to energy, water and waste - Ongoing compliance with the requirements of the approved green loan to facilitate the implementation of resource efficiency projects - Assessed existing TSFs against the Global Industry Standard on Tailings Management (GISTM) using various internal audits and studies - Classification of certain Pan African TSFs as high-impact TSFs due to their proximity to local communities and watercourses - Appointed an independent tailings review board (ITRB) to conduct a formal audit, as recommended, to comply with the GISTM principles.

The board places specific focus on ESG considerations, risks, opportunities, stakeholder relations, innovation and the creation of shared value within the business. The board has delegated responsibility for the Group's environmental, social and economic development performance to its social and ethics committee. This committee's primary purpose is to provide recommendations to the board on ESG and stakeholder management. The committee also ensures that the Group remains a committed, socially responsible corporate citizen by ensuring a sustainable business and considering its economic, social and environmental impact on the communities in which it operates. The committee receives reports from various business areas within the Group on a regular basis to ensure oversight and accountability for achieving its ESG goals and objectives. [...] Appointment of a Pan African accountable executive and responsible tailings facility engineer. Furthermore, the cost associated with the construction of buttresses to eliminate this risk to zero would require an estimated half a billion South African rand.