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Director’s Dealings in Securities
Pan African Resources PLC Pan African Resources Funding Company
(Incorporated and registered in England and Wales Limited
under the Companies Act 1985 with registered Incorporated in the Republic of South
number 3937466 on 25 February 2000) Africa with limited liability
Share code on LSE: PAF Registration number: 2012/021237/06
Share code on JSE: PAN Alpha code: PARI
ISIN: GB0004300496
ADR ticker code: PAFRY
('Pan African Resources' or the 'Company')
DIRECTOR'S DEALINGS IN SECURITIES
DEALING NOTIFICATION FORM FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR
CLOSELY ASSOCIATED PERSONS
The Company announces that it has received notification that on 12 March 2026, LTS Ventures
(Pty) Ltd, an entity associated with the Chief Executive Officer, Cobus Loots, entered into the
following transactions:
• Disposed of 100,000 ordinary shares of 1p each in Pan African Resources
• Collar transaction for 400,000 ordinary shares of 1p each in Pan African Resources (Collar
transaction)
• The advance of a loan of ZAR 11,567,119 with a maturity date of 13 April 2027 and the Collar
transaction shares pledged as security for the loan.
Following these transactions, Mr Loots has an indirect beneficial interest of 4,797,154 ordinary
shares, representing 0.2056% of the Company's issued share capital and a direct beneficial interest
of 1,148,700 ordinary shares, representing 0.04922% of the Company's issued share capital.
The below information and notification are made in accordance with the EU Market Abuse
Regulation and the JSE Listings Requirements.
1. Details of the person
discharging managerial
responsibilities/person closely
associated
a) Name: Cobus Loots
2. Reason for the notification
a) Position/status: Chief Executive Officer
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission
allowance market participant,
auction platform, auctioneer or
auction monitor
a) Company name: Pan African Resources PLC
b) LEI: 213800EAXURCXMX6RL85
4. Details of the transaction(s):
section to be repeated for (i)
each type of instrument; (ii)
each type of transaction; (iii)
each date; and (iv) each place
where transactions have been
conducted
a) Description of the financial Ordinary shares of 1p each
instrument, type of instrument:
Identification code: GB0004300496
b) Nature of the transaction: Trade 1: Disposal of shares
Trade 2: Collar transaction
Trade 3: Security for loan
c) Price(s) and volume(s): Trade 1: Disposal of 100,000 shares at ZAR34.51 per
share
Trade 2: Collar transaction over 400,000 shares with
an expiry date of 13 April 2027. Put option strike price
(bought) ZAR31.19 per share. Call option strike price
(sold) ZAR42.98 per share. Sacrifice of 50% dividends
during option period.
Trade 3: Pledged Collar transaction shares as security
for a loan of ZAR11,567,119, with a maturity date of 13
April 2027.
d) Aggregated information: Trade 1: Disposal value of ZAR3,451,000
Trade 2: Collar transaction over 400,000 shares,
having a market value of R13,844,000*
Trade 3: Loan amount ZAR11,567,119 and pledged
Collar transaction shares, having a market value of
R13,844,000*
*based on the prevailing market price on the JSE of
R34.61 per share on 11 March 2026
e) Dates of the transactions: Trade 1, 2 and 3: 12 March 2026
f) Place of the transaction: Trade 1,2 and 3: Johannesburg Stock Exchange
Additional information disclosed in accordance with the JSE Listings Requirements:
a) Nature of interest of executive: Trade 1, 2 and 3: Indirect beneficial
b) On-market or off-market: Trade 1: On-market
Trade 2 and 3: Off-market
c) Clearance given in terms of paragraph 6.83 of the Yes
JSE Listings Requirements:
d) Total value of transactions Trade 1: ZAR3,451,000
Trade 2: Collar transaction shares,
having a market value of
R13,844,000*
Trade 3: ZAR11,567,119 loan
amount and R13,844,000, being
the market value of the Collar
transaction shares pledged*
*based on the prevailing market
price on the JSE of R34.61 per
share on 11 March 2026
e) Holding following transactions: Indirect beneficial 4,797,154
ordinary shares
Direct beneficial 1,148,700
ordinary shares
Johannesburg
17 March 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: 17-03-2026 11:00:00
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