Capital Structure

The Company has 1,115,754,480 ordinary fully paid shares in issue.

The number of ordinary shares not in public hands amounts to 15,358,499 equivalent to 1.38% of the issued allotted and fully paid ordinary shares.

This is correct as of 2 August 2024

Notes:

(1) The share options are exercisable into ordinary shares upon exercise, whereas the warrants are convertible on a 1:1 basis into non-voting shares upon exercise. Non voting shares are further convertible into ordinary shares on a 1:1 basis.

The Ordinary Shares of the Company have not been nor will they be registered under the United States Securities Act of 1933, as amended ("Securities Act"), or under the securities laws of any state of the United States or under the applicable securities laws of Australia, the Republic of South Africa, the Republic of Ireland, Japan or Canada. Accordingly, subject to certain exceptions, the Ordinary Shares may not, directly or indirectly, be offered, sold, transferred, taken up or delivered, directly or indirectly, in the United States, Australia, the Republic of South Africa, the Republic of Ireland, Japan or Canada or for the benefit of any US person (as defined in Regulation S under the Securities Act).

The Company’s securities are traded on AIM under ticker PANR and on OTCQX under ticket PTHRF