The Pan African ZAR703 million rights offer becomes unconditional 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 ISIN for Nil Paid Rights: GB00B85FJG40 (JSE Code: PANN) ISIN for Fully Paid Rights: GB00B8RCBP62 (“Pan African” or “Company”) THE PAN AFRICAN ZAR703 MILLION RIGHTS OFFER BECOMES UNCONDITIONAL Pan African shareholders (“Shareholders”) are referred to the announcement published on the Stock Exchange News Service today regarding the results of general meeting, an update regarding the acquisition of Evander Gold Mines Limited (“Evander”), the rights offer finalisation announcement and the results of the general meeting held on Friday, 30 November 2012. Full details of the rights offer are provided in a document to Shareholders, which comprises a prospectus in accordance with the Financial Services and Markets Act. 2000 in the United Kingdom and a pre-listing statement in terms of the JSE Limited (“JSE”) Listings Requirements (“Listings Requirements”) (“Document”) is expected to be published shortly. Copies of the Document shall be posted to Shareholders on or about 3 December 2012. Further to the Document, and in compliance with the Listings Requirements, details of the unaudited pro forma financial information of the Evander acquisition and the rights offer prepared in accordance with the Listings Requirements have been included in a document referred to as the SA Wrapper. The SA Wrapper should be read in conjunction with the Document, but does not form part of the Document. The JSE has approved the contents of the SA Wrapper while the UK Listing Authority has not itself examined or approved the contents of the SA Wrapper. Copies of the SA Wrapper shall be posted to Shareholders with addresses outside of the United Kingdom, and the European Economic Area on or about 3 December 2012. The SA Wrapper will also be available on the Company’s website www.panafricanresources.com and copies thereof will be available at the Company’s corporate office, Office 101, First Floor, The Firs, Corner of Cradock and Biermann Avenue, Rosebank 2196. 3 December 2012 Sole Bookrunner, Corporate Adviser and JSE Transaction Sponsor to the Rights Offer One Capital Independent Sponsor to the Rights Offer Nedbank Capital Enquiries South Africa UK Pan African Resources Canaccord Genuity Limited – Nomad and Joint Broker Jan Nelson, Chief Executive Officer Rob Collins / Peter Stewart / Sebastian Jones / Joe +27 (0) 11 243 2900 Weaving +44 (0) 20 7523 8350 One Capital finnCap Limited – Joint Broker Sholto Simpson / Megan Young Elizabeth Johnson / Joanna Weaving +27 (0) 11 550 5000 +44 (0) 20 7220 0500 Vestor Investor Relations St James’s Corporate Services Limited Louise Brugman Phil Dexter +27 (0) 11 787 3015 +44 (0) 20 7499 3916 +27 83 504 1186 Gable Communications Justine James +44 (0) 20 7193 7463 / +44 (0) 7525 324431 For further information on Pan African, please visit the website at www.panafricanresources.com Date: 03/12/2012 10:00:00 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. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.