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, 22 February 2013: “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 (please tick the appropriate box or boxes): 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): N/A 3. Full name of person(s) subject to the notification obligation: Shanduka Gold (Pty) Ltd 4. Full name of shareholder(s) (if different from 3.): N/A 5. Date of the transaction and date on which the threshold is crossed or reached: 11 January 2013 6. Date on which issuer notified: 22 February 2013 7. Threshold(s) that is/are crossed or reached: 24.00% 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 1p 366,168,585 366,168,585 GB0004300496 Resulting situation after the triggering transaction Number of Number of voting % of voting Shares rights rights Direct Direct Indirect Direct Indirect 436,358,059 436,358,059 N/A 23.96% N/A 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 436,358,059 23.96% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: N/A Proxy Voting: 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: Acquisition of shares pursuant to rights offer 14. Contact name: Cobus Loots: Managing Director 15. Contact telephone number: Tel: +27 11 305 8900 Fax: +27 11 305 8912 cloots@shanduka.co.za” 25 February 2013 JSE Sponsor One Capital PAN AFRICAN ENQUIRIES South Africa UK Pan African Resources Canaccord Genuity Limited – Nomad and Joint Broker Jan Nelson, Chief Executive Officer Andrew Chubb / Peter Stewart / Sebastian Jones / Joe Weaving +27 (0) 11 243 2900 +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: 25/02/2013 05:45:00 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.