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 Thursday, 13 March 2014: “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: An acquisition or disposal of voting rights: No 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): Yes – Holding increased over 11% threshold 3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION: Coronation Asset Management (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: 3 December 2013 6. DATE ON WHICH ISSUER NOTIFIED: 13 March 2014 7. THRESHOLD(S) THAT IS/ARE CROSSED OR REACHED: 11% 8. NOTIFIED DETAILS: A: VOTING RIGHTS ATTACHED TO SHARES ------------------------------------------------------------------------------------------------ Class/type of shares Situation previous to the triggering transaction if possible using the ISIN CODE Number of Shares Number of Voting Rights ------------------------------------------------------------------------------------------------ GB0004300496 199,769,908 N/A ------------------------------------------------------------------------------------------------ ----------------------------------------------------------------------------------------------- Resulting situation after the triggering transaction ----------------------------------------------------------------------------------------------- Number of Number of voting Number of voting % of voting % of voting Shares - rights - rights- rights rights Direct Direct Indirect Direct Indirect ----------------------------------------------------------------------------------------------- 203,064,902 N/A N/A 11.11% 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 ----------------------------------------------------------- 203,064,902 11.11% ----------------------------------------------------------- 9. CHAIN OF CONTROLLED UNDERTAKINGS THROUGH WHICH THE VOTING RIGHTS AND/OR THE FINANCIAL INSTRUMENTS ARE EFFECTIVELY HELD, IF APPLICABLE: N/A 10. NAME OF THE PROXY HOLDER: Coronation Asset Management (Pty) Ltd 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: N/A 14. CONTACT NAME: Alison Young 15. CONTACT TELEPHONE NUMBER: Tel: +27 21 680 2000” 13 March 2014 JSE Sponsor: One Capital PAN AFRICAN ENQUIRIES Pan African Resources Mr Ron Holding Chief Executive Officer +27 (0) 11 243 2900 UK Canaccord Genuity Limited Nomad and Joint Broker Neil Elliott/ Peter Stewart / Joe Weaving +44 (0) 20 7523 8350 finnCap Limited Joint Broker Elizabeth Johnson / Joanna Weaving +44 (0) 20 7220 0500 St James’s Corporate Services Limited Phil Dexter +44 (0) 20 7796 8647 Gable Communications Justine James +44 (0) 20 7193 7463 / +44 (0) 7525 324431 South Africa Vestor Investor Relations Louise Brugman +27 (0) 11 787 3015 +27 83 504 1186 One Capital Liezl Gildenhuys +27 (0) 11 550 5000 For further information on Pan African, please visit the website at www.panafricanresources.com Date: 13/03/2014 02:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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