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TR-1: Standard form for notification of major holdings
Pan African Resources PLC Pan African Resources Funding Company Limited
(Incorporated and registered in England and Wales un- Incorporated in the Republic of South Africa with
der the Companies Act 1985 with registered number limited liability
3937466 on 25 February 2000) Registration number: 2012/021237/06
Share code on LSE: PAF Alpha code: PARI
Share code on JSE: PAN
ISIN: GB0004300496
ADR ticker code: PAFRY
("Pan African Resources" or the "Company" or the
"Group")
TR-1: Standard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft
Word format if possible)i
Pan African Resources PLC
(Incorporated and registered in England and Wales
under the Companies Act 1985 with registration
1a. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are at- number 3937466 on 25 February 2000)
tachedii:
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an "X")
An acquisition or disposal of voting rights X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)iii:
3. Details of person subject to the notification obligationiv
Name Peregrine Capital (Pty) Ltd
City and country of registered office (if applicable) Johannesburg, SOUTH AFRICA.
4. Full name of shareholder(s) (if different from 3.)v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or
20/02/2026
reachedvi:
6. Date on which issuer notified (DD/MM/YYYY): 24/02/2026
7. Total positions of person(s) subject to the notification obligation
% of voting rights
% of voting rights through financial in- Total of both in % Total number of
attached to shares struments voting rights of
(total of 8. A) (total of 8.B 1 + 8.B (8.A + 8.B) issuervii
2)
Resulting situation
on the date on
which threshold 4.69 0 4.69 109,445,937
was crossed or
reached
Position of previ-
ous notification (if 5.65 0 5.65
applicable)
8. Notified details of the resulting situation on the date on which the threshold was crossed or
reachedviii
A: Voting rights attached to shares
Class/type of Number of voting rightsix % of voting rights
shares
ISIN code (if possi- Direct Indirect Direct Indirect
ble) (Art 9 of Directive (Art 10 of Di- (Art 9 of Directive (Art 10 of Di-
2004/109/EC) rective 2004/109/EC) rective
(DTR5.1) 2004/109/EC) (DTR5.1) 2004/109/EC)
(DTR5.2.1) (DTR5.2.1)
GB0004300496 109,445,937 4.69
SUBTOTAL 8. A 109,445,937 4.69
B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Number of voting
Type of financial Expira- Exercise/ rights that may be ac- % of voting
instrument tion Conversion Periodxi quired if the instru- rights
datex ment is
exercised/converted.
SUBTOTAL 8. B 1
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive
2004/109/EC (DTR5.3.1.1 (b))
Type of finan- Expiration Exercise/ Physical or Number of % of voting
cial instrument datex Conversion cash voting rights rights
Period xi settlementxii
SUBTOTAL
8.B.2
9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")
Person subject to the notification obligation is not controlled by any natural person or legal entity
and does not control any other undertaking(s) holding directly or indirectly an interest in the (under-
lying) issuerxiii
Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal
entityxiv (please add additional rows as necessary)
% of voting rights if it % of voting rights Total of both if it
equals or is higher through financial in- equals or is higher
Namexv than the notifiable struments if it equals than the notifiable
threshold or is higher than the threshold
notifiable threshold
10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional informationxvi
Place of completion JOHANNESBURG, SOUTH AFRICA
Date of completion 24/02/2026
Rosebank
25 February 2026
For further information on Pan African, please visit the Company's website at
www.panafricanresources.com
Corporate information
Corporate Office Registered Office
The Firs Building 107 Cheapside, 2nd Floor
2nd Floor, Office 204 London, EC2V 6DN
Corner Cradock and Biermann Avenues United Kingdom
Rosebank, Johannesburg Office: + 44 (0)20 3869 0706
South Africa jane.kirton@corpserv.co.uk
Office: + 27 (0)11 243 2900
info@paf.co.za
Chief Executive Officer Financial Director and debt officer
Cobus Loots Marileen Kok
Office: + 27 (0)11 243 2900 Office: + 27 (0)11 243 2900
Head: Investor Relations Website: www.panafricanresources.com
Hethen Hira
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za
Company Secretary Joint Broker
Jane Kirton Ross Allister/Georgia Langoulant
St James's Corporate Services Limited Peel Hunt LLP
Office: + 44 (0)20 3869 0706 Office: +44 (0)20 7418 8900
JSE Sponsor & JSE Debt Sponsor Joint Broker
Ciska Kloppers Thomas Rider/Nick Macann
Questco Corporate Advisory Proprietary Limited BMO Capital Markets Limited
Office: + 27 (0) 63 482 3802 Office: +44 (0)20 7236 1010
Joint Broker
Matthew Armitt/Jennifer Lee
Joh. Berenberg, Gossler & Co KG (Berenberg)
Office: +44 (0)20 3207 7800
Date: 25-02-2026 09:00:00
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