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, 10 October 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 decreased below 9% and 8% thresholds 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: 10 October 2014 6. DATE ON WHICH ISSUER NOTIFIED: 10 October 2014 7. THRESHOLD(S) THAT IS/ARE CROSSED OR REACHED: 9% and 8% 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 ----------------------------------------------------------------------------------------------------------------------------- - GB0004300496 166,880,826 N/A ------------------------------------------------------------------------------------------------------------------------------ Resulting situation after the triggering transaction: --------------------------------------------------------------------------------------------------------------------------------------- Number of Number of voting Number of voting % of voting Shares - rights - rights - rights Direct Direct Indirect Direct Indirect --------------------------------------------------------------------------------------------------------------------------------------- 140,538,942 N/A N/A 7.68% 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 ----------------------------------------------------------------------------------------------------------------------------- ---------- 140,538,942 7.68% ----------------------------------------------------------------------------------------------------------------------------------- ---- 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: Jamie Rowland 15. CONTACT TELEPHONE NUMBER: Tel: +27 21 680 2000” South Africa UK Pan African Resources Canaccord Genuity Limited Ron Holding Neil Elliot / Peter Stewart / Joe Weaving Chief Executive Officer Nomad and Joint Broker +27 (0) 11 243 2900 +44 (0) 20 7523 8350 One Capital Peel Hunt LLP Regulatory Services Matthew Armitt / Ross Allister +27 (0) 11 550 5000 Joint Broker +44 (0) 20 7418 8900 Aprio Strategic Communications St James’s Corporate Services Limited Financial Public Relations Phil Dexter Julian Gwillim +44 (0) 20 7796 8647 +27 (0) 11 880 0037 Bell Pottinger Financial Public Relations Daniel Thöle +44 (0) 20 7861 3800 For further information on Pan African, please visit the website at www.panafricanresources.com 10 October 2014 JSE Sponsor One Capital Date: 10/10/2014 01:39:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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