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 Monday, 4 July 2016: “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 - (FIL Investment Services (UK) Limited delegated investment management services to FIL Investments International on 1 July 2016 and the chain of controlled undertakings through which voting rights are held is updated to reflect this delegation). 3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION: FIL Limited 4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.): See Section 9 5. DATE OF THE TRANSACTION AND DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED: 1 July 2016 6. DATE ON WHICH ISSUER NOTIFIED: 4 July 2016 7. THRESHOLD(S) THAT IS/ARE CROSSED OR REACHED: 5% 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 128 728 403 128 728 403 --------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- -------------------------------- Resulting situation after the triggering transaction: ----------------------------------------------------------------------------------------------------------------------------- ---------- Number of Number of voting Number of voting % of voting rights Shares - rights - rights - Direct Direct Indirect Direct Indirect ---------------------------------------------------------------------------------------------------- ----------------------------------- 128 728 403 6.62% ----------------------------------------------------------------------------------------------------------------------------- ---------- 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 ----------------------------------------------------------------------------------------------------------------------------- ---------- 128 728 403 6.62% --------------------------------------------------------------------------------------------------------------------------------------- 9. CHAIN OF CONTROLLED UNDERTAKINGS THROUGH WHICH THE VOTING RIGHTS AND/OR THE FINANCIAL INSTRUMENTS ARE EFFECTIVELY HELD, IF APPLICABLE: Controlled Undertaking Percentage Holding FIL INVESTMENTS INTERNATIONAL 6.62 Grand Total 6.62 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: Threshold crossing by a controlled undertaking 14. CONTACT NAME: Sally-Ann Hatton 15. CONTACT TELEPHONE NUMBER: Tel: fil-regreporting@fil.com, 01737 837148” Johannesburg 5 July 2016 JSE Sponsor One Capital CONTACT INFORMATION 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 / James Black St James's Corporate Services Limited Numis Securities Limited Company Secretary Nominated Adviser & Joint Broker Office: + 44 (0)207 796 8644 Office: +44 (0)207 260 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 Jeffrey Couch / Neil Haycock / Thomas Rider Julian Gwillim BMO Capital Markets Limited Aprio Strategic Communications Joint Broker Public & Investor Relations SA Office: +44 (0)20 7236 1010 Office: +27 (0)11 880 0037 Daniel Thöle Bell Pottinger PR Public & Investor Relations UK Office: + 44 (0)203 772 2500 www.panafricanresources.com Date: 05/07/2016 05:30:00 Produced by the JSE SENS Department. 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