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 1. Identity of the issuer or the underlying issuer of existing shares to which voting Pan African Resources Plc rights are attached: 2 Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights X An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): 3. Full name of person(s) subject Prudential Portfolio Managers (South to the Africa) (Pty) Limited notification obligation: 4. Full name of shareholder(s) (if different from 3.): 5. Date of the transaction and date on 25 April 2013 which the threshold is crossed or reached: 6. Date on which issuer notified: 06 November 2013 7. Threshold(s) that is/are crossed or 5% reached: 8. Notified details: A: Voting rights attached to shares Class/type Situation Resulting situation after the triggering of previous transaction shares to the triggering if possible transaction using Number Number Number Number of voting % of voting the ISIN of of of rights rights CODE Shares Voting shares Rights Direct Direct Indirect Direct Indirect Below Below 92,085 92,085 GB0004300496 0 5.03% 0 5% 5% ,446 ,446 B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of Expiration Exercise/ Number of % of voting financial date Conversion voting rights instrument Period rights that may be acquired if the instrument is exercised/ converted. C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi Resulting situation after the triggering transaction Type of Exercise Expiration Exercise Number of % of voting financial price date / voting rights instrument Conversi rights on instrument period refers to Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 92,085,446 5.03% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Prudential Portfolio Managers (South Africa) (Pty) Limited Proxy Voting: 10. Name of the proxy holder: N/A 11. Number of voting rights proxy holder will cease N/A to hold: 12. Date on which proxy holder will cease to hold N/A voting rights: 13. Additional information: Our current total position is 110,425,505 (6.04%) as at 05 November 2013. 14. Contact name: James Todd / Mark Thomas 15. Contact telephone number: 020 7548 2293 / 020 7548 3266 7 November 2013 Sponsor One Capital Date: 07/11/2013 11:32:00 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.