TR-1: Standard form for notification of major holdings 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 ADR ticker code: PAFRY (Pan African Resources or the Company) 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 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are at- PAN AFRICAN RESOURCES Plc tachedii: 1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) Non-UK issuer X 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 ALLAN GRAY UNIT TRUST MANAGEMENT (RF) PRO- Name PRIETARY LIMITED City and country of registered office (if applicable) Cape Town, 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 16 NOVEMBER 2020 reachedvi: 6. Date on which issuer notified (DD/MM/YYYY): 17 NOVEMBER 2020 7. Total positions of person(s) subject to the notification obligation % of voting rights % of voting rights at- Total number of through financial instru- Total of both in % tached to shares (to- voting rights of is- ments (8.A + 8.B) tal of 8. A) suervii (total of 8.B 1 + 8.B 2) Resulting situation on the date on which 9.993% 9.993% 2 234 687 537 threshold was crossed or reached Position of previous notification (if 10.4405% 10.4405% 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 possible) Direct Indirect Direct Indirect (Art 9 of Directive (Art 10 of Directive (Art 9 of Directive (Art 10 of Directive 2004/109/EC) (DTR5.1) 2004/109/EC) 2004/109/EC) (DTR5.1) 2004/109/EC) (DTR5.2.1) (DTR5.2.1) GB0004300496 223 316 487 9.993% SUBTOTAL 8. A 223 316 487 9.993% B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR22.214.171.124 (a)) Number of voting rights Type of financial in- Expiration Exercise/ that may be acquired if % of voting rights strument datex Conversion Periodxi the instrument is exer- cised/converted. SUBTOTAL 8. B 1 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR126.96.36.199 (b)) Exercise/ Physical or Type of financial Expiration Number of Conversion Pe- cash % of voting rights instrument datex voting rights riod 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 (underlying) issuer xiii 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 entity xiv (please add additional rows as necessary) % of voting rights % of voting rights Total of both if it through financial in- if it equals or is equals or is higher Namexv struments if it equals higher than the no- than the notifiable or is higher than the tifiable threshold threshold notifiable threshold FIRST NATIONAL BANK – A DIVI- SION OF FIRST RAND BANK LIM- ITED, ON BEHALF OF ALLAN 9.993% 9.993% GRAY UNIT TRUST MANAGE- MENT (RF) (PTY) LTD 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 Instruments are held in trust by First National Bank – a division of First Rand Bank Limited on behalf of in- vestors of Allan Gray Unit Trust Management (RF) (Pty) Ltd Place of completion JOHANNESBURG Date of completion 17 November 2020 Johannesburg 18 November 2020 Sponsor: Questco Corporate Advisory Proprietary Limited Date: 18-11-2020 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. 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