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Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za DISCLOSURE: We have embraced the use of artificial intelligence (A.I). Therefore, we declare that this report was compiled using an artificial intelligence tool, based on inputs from our own data. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za DISCLOSURE: We have embraced the use of artificial intelligence (A.I). Therefore, we declare that this report was compiled using an artificial intelligence tool, based on inputs from our own data. Thesis Summary ⬜ Neutral Pan African Resources is currently navigating a mature high-velocity markup phase that is showing signs of tactical consolidation after reaching an aggressive multi-year peak in early 2026. While the secular trend remains powerfully bullish on the monthly view, the daily structure has transitioned into a wide, high-tension range as buyers and sellers battle near the 4,000c psychological ceiling. The current setup favors patience for a structural reset before fresh aggressive participation. Reward-to-Risk (R:R) Dynamics | ⬜ Neutral. The Immediate LONG: Moderate R:R. Entering at current levels (approx. 3,380c) assumes a successful defense of the local daily floor, but upside is capped by heavy overhead supply at 4,000c. The Immediate SHORT: Favorable R:R. A tactical fade of the recent lower high targets a mean-reversion move toward the 3,000c structural shelf. The Structural LONG: Excellent R:R. Long-term holders positioned below 1,500c are in a dominant state, backed by a persistent secular slope. Support Zone Mapping 🔵 Buy on deeper pullback. Immediate Tactical Support (The Daily Pivot): 3,000c – 3,200c. A critical local floor where price has stabilized during the recent consolidation. Secondary Support Shelf (The Weekly Base): 2,400c – 2,650c. A major structural pivot zone that underpinned the 2025 impulsive leg. Primary Macro Support (The Secular Floor): 1,650c – 1,850c. The ultimate defensive floor that transformed the share's multi-year trajectory. Tactical Probability Profile Action Logic: Why two buy actions? Buy on Pullback addresses the potential for a tactical bounce at the 3,100c floor; it is a play for a retest of the range ceiling. Buy on Deeper Pullback addresses the extreme parabolic extension; it waits for a high-conviction reset at the 2,500c structural ledge to maximize long-term R:R. ⬜ LONG: Immediate Market Entry | 40% ⬜ 🟩 LONG: At 3,100c Tactical Support | 65% 🟢 (Buy on pullback) 🟩 LONG: At 2,500c Structural Shelf | 85% 🔵 (Buy on deeper pullback) 🟥 SHORT: Tactical Fade at 3,900c+ | 60% 🟨 (Sell on rally) What Can Change Momentum Resumption: A daily close above the 4,150c peak would invalidate the consolidation thesis, suggesting the parabolic slope is re-accelerating toward 5,000c. 🟦 Range Breakdown: A failure to hold the 3,000c psychological floor would signal a deeper corrective phase, likely triggering a fast "waterfall" move to the 2,500c shelf. 🟧 Macro Exhaustion: On the monthly view, the extension from the long-term mean is reaching historic extremes; a failure to print a new high by Q3 could signal a major generational peak. 🟥 Structural Breakdown 1-Day Structure (High-Level Churn): The daily chart shows a shift from a smooth trend into a series of overlapping waves. The presence of large rejection wicks at the 4,000c level indicates that significant supply is being released into strength. Weekly Structure (Structural Consolidation): The weekly view depicts a "flag" structure forming after a massive vertical advance. This typically acts as a continuation pattern, but the intensity of the prior move suggests a longer "time-wise" consolidation is required. Monthly Structure (Secular Explosion): The multi-year lens confirms a total regime shift. Pan African has moved from a decade of sideways accumulation into a powerful markup, reclaimng levels not seen since the 2008 peak. Velocity & Slope Analysis 1-Day Slope (Neutralizing): Approx. 0 to +5 Degrees. The aggressive verticality of late 2025 has flattened completely, confirming the loss of tactical momentum. 10-Day & 20-Day Slope (Flattening): Approx. +15 Degrees. The intermediate-term trend remains positive but is losing its "bite," suggesting buyers are becoming exhausted at these valuations. Secular Slope (Monthly): Approx. +55 Degrees. The long-term trajectory remains exceptionally steep, which provides the underlying justification for a "buy the dip" approach at structurally significant levels. Momentum Profile Integration The Faster Tiers: Both Ultra Short Term and Short Term momentum tiers have unwound from extreme overbought levels and are currently sitting in NEUTRAL territory. The Slower Tiers: Structural Trend (Weekly) and Secular Cycle (Monthly) momentum are currently STRONG. This alignment suggests that while the short-term price action is choppy, the higher-timeframe "engine" remains firmly bullish. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Previous Post (07 January): Global Ideas: Cisco Systems To trade global instruments, you will need an offshore account. To get started, contact the Unum Capital Trading Desk: E-mail: tradingdesk@unum.co.za | Call: 011 384 2923 Cisco Systems, Inc engages in the design, manufacture, and sale of Internet Protocol based networking products and services related to the communications and information technology industry. The firm operates through the following geographical segments: the Americas, EMEA, and APJC. Its product comprises of the following categories: Switches, Routers, Wireless, Network Management Interfaces and Modules, Optical Networking, Access Points, Outdoor and Industrial Access Points, Next-Generation Firewalls, Advanced Malware Protection, VPN Security Clients, Email, and Web Security. The company was founded by Sandra Lerner and Leonard Bosack on December 10, 1984 and is headquartered in San Jose, CA. Snapshot of Analyst Recommendations Lester Davids Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Previous Post (01 February): British American Tobacco: Consolidating For Continuation Previous Post (August 2025): British American Tobacco: Running +95% in 21 Months + All Time High (Above R1000) The extract below is from a note to clients on Wednesday, 06 December 2023 at 53198c, highlighting both a manual view (channel) as well as the price action model reading. Within just under 21 month, the share has gained 95% and trades above R1040, an all-time high. 02 September 2024 As re-iterated on Monday, 29 April: As discussed in December: Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Full version available to ACTIVE trading clients. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Naspers Ltd (NPN) - the share is in a downward trend, trading below it's short term (8, 21-75-EMA and 200-day SMA) as well as below it's medium term (8, 21 and 50-week EMA's). Note: the price is approaching the rising 200-week SMA which is likely to entice ultra long term buyers, should the price action show signs of improvement. Another point to note: the share is also approaching the previous breakout level seen in September 2024. Often, prices re-test these levels which also act as re-accumulation zones. READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue and red horizontal lines on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za JSE Equally-Weighted Top 40 Index - except for the brief print in late February, the index has struggled to clear the ~48,200 level. Over the 8 weeks, the index has been trading in a consolidation phase, with the potential development of a bear flag formation. Unless the aforementioned resistance level is breached, a bear flag structure is possible where a downside leg may develop, which would be a continuation of the blow-off top seen in early March 2026. READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue and red horizontal lines on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Analyst Disclosure: This report has been generated using an artificial intelligence tool, based on the analyst's own data. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Prices are delayed by 15 minutes. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za For years, our research has given clients some of the best opportunities, both locally and globally. In terms of ETFs and related themes, we have been at the forefront of some of the biggest moves, for example, we have given you (for free): Copper Metals & Mining Uranium Silver Gold Artificial Intelligence Power Infrastructure Steel Robotics Autonomous Driving Energy / Oil Rhodium Palladium Country ETFs e.g. Brazil, Norway, Japan, Peru European Financials Biotechnology And More..... Now, scanning for the next set of opportunities, this ETF has showed up on my screeners and has caught my attention. With many themes and ETFs being overextended (offer a poor reward-to-risk), this one is shaping up, like many of the prior setups: a big base with re-emerging strength i.e. improving price action. Trade Details: Buy at $28.57 or lower Stop-loss: $24.50 Target: $37.00 The ticker is available to active trading clients i.e. who have participated in any of the previous ideas (listed above). Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital