Updated trading statement for the six months ended 31 December 2015 Pan African Resources PLC (“Pan African” or “the Company” or “the Group”) (Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000) Share code on AIM: PAF Share code on JSE: PAN ISIN: GB0004300496 UPDATED TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2015 In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next, will differ by at least 20 percent from those of the previous corresponding period. In the event that the listed company does not have reasonable certainty to provide guidance in terms of a specific percentage and number, or a range thereof (with the said range not exceeding 20%), the listed company may provide only a minimum percentage and number difference in the anticipated financial results, together with relevant information available at the time. Shareholders are referred to the original trading statement and group net debt announcement dated 26 November 2015. Pan African is incorporated in England and Wales under the Companies Act 1985 and accordingly its presentation currency is Pounds Sterling (“GBP”). The average ZAR/GBP exchange rates affect the reporting of results in GBP. For the six month interim reporting period ended 31 December 2015 (“current interim reporting period”), the average prevailing ZAR/GBP exchange rate is used to translate earnings per share (“EPS”) and headline earnings per share (“HEPS”) from ZAR to GBP. In the current interim reporting period the average ZAR/GBP exchange rate was ZAR20.83:1 (31 December 2014: ZAR17.87:1). The period-on-period change in the average exchange rate of 16.6% must be taken into account for the purposes of translating and comparing period-on-period results. Pan African advises shareholders that the Group EPS and HEPS for the current interim reporting period denominated in GBP are expected to be between: 1) 0.57 pence and 0.63 pence (being 84 percent to 104 percent) higher than the 0.31 pence HEPS for the prior interim reporting period. 2) 0.57 pence and 0.63 pence (being 90 percent to 110 percent) higher than the 0.30 pence EPS for the prior interim reporting period. EPS and HEPS, calculated in ZAR, are expected to be between: 1) 11.89 cents and 13.02 cents (being 112 percent to 132 percent) higher than the 5.61 cents HEPS for the prior interim reporting period. 2) 11.87 cents and 12.95 cents (being 119 percent to 139 percent) higher than the 5.42 cents EPS for the prior interim reporting period. Production Summary Operation Unit 2015 2014 % Barberton Mines (Gold oz) 56,447 52,942 6.6 Evander Mines (Gold oz) 45,350 33,733 34.4 Phoenix Platinum (PGE oz) 4,493 4,711 (4.6) Total (oz) 106,290 91,386 16.3 The financial information contained in this trading statement has neither been reviewed nor audited by the Company’s auditors. Pan African anticipates that it will release its unaudited interim results for the period ended 31 December 2015 on or about 23 February 2016. For further information on Pan African, please visit the Company’s website at www.panafricanresources.com 8 February 2016 Contact Details Corporate Office The Firs Office Building 1st Floor, Office 101 Cnr. Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0) 11 243 2900 Facsimile: + 27 (0) 11 880 1240 Registered Office Suite 31 Second Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0) 207 796 8644 Facsimile: + 44 (0) 207 796 8645 Cobus Loots Deon Louw Pan African Resources PLC Pan African Resources PLC Chief Executive Officer Financial Director Office: + 27 (0)11 243 2900 Office: + 27 (0)11 243 2900 Phil Dexter John Prior / Paul Gillam St James's Corporate Services Limited Numis Securities Limited Company Secretary Nominated Adviser and Joint Broker Office: + 44 (0)207 796 8644 Office: + 44 (0)20 7260 1000 Sholto Simpson Matthew Armitt / Ross Allister One Capital Peel Hunt LLP JSE Sponsor Joint Broker Office: + 27 (0)11 550 5009 Office: + 44 (0)020 7418 8900 Julian Gwillim Daniel Thöle/ Richard Crowley/ Aarti Iyer Aprio Strategic Communications Bell Pottinger Public & Investor Relations SA Public & Investor Relations UK Office: + 27 (0)11 880 0037 Office: + 44 (0)203 772 2500 www.panafricanresources.com Date: 08/02/2016 09:00:00 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.