TR-1: notification of major interest in shares Pan African Resources PLC (Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000) AIM Code: PAF JSE Code: PAN ISIN: GB0004300496 (“Pan African” or the “Company”) TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES Pan African received the following notification on Friday, 28 April 2017: “1. IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO WHICH VOTING RIGHTS ARE ATTACHED: Pan African Resources Plc 2. REASON FOR THE NOTIFICATION: An acquisition or disposal of voting rights: Yes An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached: No An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments: No An event changing the breakdown of voting rights: No Other (please specify): No 3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION: Jonathan Du Toit 4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.): Truffle Asset Management (Pty) Ltd 5. DATE OF THE TRANSACTION AND DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED: 19 April 2017 6. DATE ON WHICH ISSUER NOTIFIED: 28 April 2017 7. THRESHOLD(S) THAT IS/ARE CROSSED OR REACHED: 5.0% 8. NOTIFIED DETAILS: A: VOTING RIGHTS ATTACHED TO SHARES ----------------------------------------------------------------------------------------------------------------------------- ---------- Class/type of shares Situation previous to the triggering if possible using the ISIN CODE transaction Number of Shares Number of Voting Rights ----------------------------------------------------------------------------------------------------------------------------- ---------- Ordinary shares 97 450 519 97 450 519 GB0004300496 ----------------------------------------------------------------------------------------------------------------------------- ---------- --------------------------------------------------------------------------------------------------------------------------------------- Resulting situation after the triggering transaction: ------------------------------------------------------------------------------------------------------------------- -------------------- Number of Number of voting Number of voting % of voting Shares - rights - rights - rights Direct Direct Indirect Direct Indirect --------------------------------------------------------------------------------------------------------------------------------------- 107 450 519 107 450 519 4.81% --------------------------------------------------------------------------------------------------------------------------------------- B: QUALIFYING FINANCIAL INSTRUMENTS ----------------------------------------------------------------------------------------------------------------------------- ---------- Resulting situation after the triggering transaction -------------------------------------------------------------------------------------------------------------------------------- ------- Type of financial Expiration Exercise/Conversion Number of voting % of instrument date Period rights that may be voting acquired if the rights instrument is exercised/converted ----------------------------------------------------------------------------------------------------------------------------- ---------- N/A N/A N/A N/A N/A --------------------------------------------------------------------------------------------------------------------------------- ------ C: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT TO QUALIFYING FINANCIAL INSTRUMENTS --------------------------------------------------------------------------------------------------------------------------------------- Resulting situation after the triggering transaction --------------------------------------------------------------------------------------------------------------------------------------- Type of financial Exercise Expiration Exercise/ Number % of instrument price Date Conversion of voting voting Period rights rights instrument refers to ----------------------------------------------------------------------------------------------------------------------------- ---------- N/A N/A N/A N/A N/A N/A --------------------------------------------------------------------------------------------------------------------------------------- TOTAL (A+B+C) ----------------------------------------------------------------------------------------------------------------------------- ---------- Number of voting rights Percentage of voting rights ----------------------------------------------------------------------------------------------------------------------------- ---------- 107 450 519 4.81% -------------------------------------------------------------------------------------------- ------------------------------------------- 9. CHAIN OF CONTROLLED UNDERTAKINGS THROUGH WHICH THE VOTING RIGHTS AND/OR THE FINANCIAL INSTRUMENTS ARE EFFECTIVELY HELD, IF APPLICABLE: --------------------------------------------------------------------------------------------------------------------------------------- Controlled undertaking Percentage holding ----------------------------------------------------------------------------------------------------------------------------- ---------- N/A N/A ----------------------------------------------------------------------------------------------------------------------------- ---------- 10. NAME OF THE PROXY HOLDER: N/A 11. NUMBER OF VOTING RIGHTS PROXY HOLDER WILL CEASE TO HOLD: N/A 12. DATE ON WHICH PROXY HOLDER WILL CEASE TO HOLD VOTING RIGHTS: N/A 13. ADDITIONAL INFORMATION: N/A 14. CONTACT NAME: Jonathan Du Toit 15. CONTACT TELEPHONE NUMBER: Tel: +27 11 325 0030” Johannesburg 28 April 2017 JSE Sponsor One Capital Contact information Corporate Office Registered Office The Firs Office Building Suite 31, Second Floor 1st Floor, Office 101 107 Cheapside Cnr. Cradock and Biermann Avenues London Rosebank, Johannesburg EC2V 6DN South Africa United Kingdom Office: + 27 (0) 11 243 2900 Office: + 44 (0) 207 796 8644 Facsimile: + 27 (0) 11 880 1240 Facsimile: + 44 (0) 207 796 8645 Cobus Loots Deon Louw Pan African Resources PLC Pan African Resources PLC Chief Executive Officer Financial Director Office: + 27 (0) 11 243 2900 Office: + 27 (0) 11 243 2900 Phil Dexter John Prior / Paul Gillam St James's Corporate Services Limited Numis Securities Limited Company Secretary Nominated Adviser and Joint Broker Office: + 44 (0) 207 796 8644 Office: +44 (0) 20 7260 1000 Sholto Simpson Matthew Armitt / Ross Allister One Capital Peel Hunt LLP JSE Sponsor Joint Broker Office: + 27 (0) 11 550 5009 Office: +44 (0) 207 418 8900 Julian Gwillim Jeffrey Couch/Neil Haycock/Thomas Rider Aprio Strategic Communications BMO Capital Markets Limited Public & Investor Relations SA Joint Broker Office: +27 (0)11 880 0037 Office: +44 (0) 207 236 1010 Bobby Morse/Chris Judd Buchanan Communications Public & Investor Relations UK Office: +44 (0) 207 466 5000 www.panafricanresources.com Date: 28/04/2017 05:00:00 Produced by the JSE SENS Department. 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