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Publication of Prospectus
THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN
OFFER TO SELL OR ISSUE OR SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN
PAN AFRICAN RESOURCES PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD
BE UNLAWFUL.
Pan African Resources PLC Pan African Resources Funding Company
(Incorporated and registered in England and Wales Limited
under Companies Act 1985 with registered Incorporated in the Republic of South Africa
number 3937466 on 25 February 2000) with limited liability
Share code on AIM: PAF Registration number: 2012/021237/06
Share code on JSE: PAN Alpha code: PARI
ISIN: GB0004300496
ADR code: PAFRY
("Pan African" or "the Company" or "the Group")
PUBLICATION OF PROSPECTUS
Pan African is pleased to announce the publication of a prospectus ("Prospectus") in relation to the proposed
admission of its ordinary shares ("Ordinary Shares") to the Equity Shares (Commercial Companies) ("ESCC")
category of the Official List of the Financial Conduct Authority ("FCA") and to trading on London Stock
Exchange plc's main market for listed securities ("Main Market") (together, "Admission").
It is expected that: (i) the Ordinary Shares will be admitted to the ESCC category of the Official List and to
trading on the Main Market at 8:00am on 24 October 2025; and (ii) trading in the Ordinary Shares on AIM will
be cancelled by 8:00am on 24 October 2025. The last day of trading of the Ordinary Shares on AIM is therefore
expected to be 23 October 2025.
The Company is not offering any new Ordinary Shares nor any other securities in connection with the
proposed Admission. Following Admission, the Ordinary Shares will continue to be registered with their
existing ISIN of: GB0004300496 and the Company's ticker symbol will continue to be PAF on the Main Market.
For the avoidance of doubt, the Admission will have no impact on the Company's listing on the JSE.
Accordingly, following Admission, the Company will be dual primary listed on the Main Market and the main
board of the JSE.
The Company's shareholders should consult their own professional advisors regarding the consequences of
Admission on their personal tax position.
The Prospectus has been approved by the FCA and will shortly be available to view on Pan African's website
at https://www.panafricanresources.com/investors/main-market-listing-lse/. A copy of the Prospectus will
be submitted to the National Storage Mechanism and will be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Rosebank
21 October 2025
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 Sponsor, Nominated Adviser and Joint
Jane Kirton Broker
St James's Corporate Services Limited Ross Allister/Georgia Langoulant
Office: + 44 (0)20 3869 0706 Peel Hunt LLP
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 Sponsor and Joint Broker
Matthew Armitt/Jennifer Lee/Dan Gee-Summons
Joh. Berenberg, Gossler & Co KG (Berenberg)
Office: +44 (0)20 3207 7800
Important Notice
Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's
website is incorporated in, or forms part of, this announcement.
This announcement contains statements that are, or may be deemed to be, "forward-looking statements".
These forward-looking statements can be identified by the use of words such as "will", "expect", "could",
"believe", "intend", "should" and words of similar meaning. All statements other than statements of historical
facts included in this announcement, including those regarding the Company's strategy, plans and objectives
and the anticipated Admission are forward-looking statements. These statements are not fact and readers
are cautioned not to place undue reliance on such statements. Forward-looking statements involve a number
of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and
generally beyond the control of Pan African and so may not occur. These forward-looking statements speak
only as of the date of this announcement. Pan African expressly disclaims any obligation or undertaking to
update or revise any forward-looking statement (except to the extent legally required).
You are advised to read the Prospectus in its entirety, and, in particular, the section of the Prospectus headed
"Risk Factors", for a further discussion of the factors that could affect the Company's future performance and
the industry in which it operates.
Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated in the United Kingdom by the FCA, is acting
exclusively for the Company as Joint Sponsor and no one else in connection with Admission and it will not
regard any other person as a client in relation to Admission and will not be responsible to anyone other than
the Company for providing the protections afforded to its clients or for providing advice in relation to
Admission or any other transaction, matter, or arrangement referred to in this announcement.
Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg"), which is authorised and regulated by the
German Federal Financial Supervisory Authority and in the United Kingdom is subject to limited regulation by
the FCAJ, is acting exclusively for the Company as Joint Sponsor and no one else in connection with Admission
and it will not regard any other person as a client in relation to Admission and will not be responsible to
anyone other than the Company for providing the protections afforded to its clients or for providing advice
in relation to Admission or any other transaction, matter, or arrangement referred to in this announcement.
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This announcement has been issued by, and is the sole responsibility of, the Company. No representation or
warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or
will be accepted by Peel Hunt, Berenberg or by any of their affiliates, partners, directors, officers, employees,
advisers or agents as to or in relation to, the accuracy or completeness of this announcement or any other
written or oral information made available to or publicly available to any interested party or its advisers, and
any liability therefore is expressly disclaimed.
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Date: 21-10-2025 01:30:00
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