Fulfilment of all conditions precedent to the sale of Phoenix Platinum Mining Proprietary Limited 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”) FULFILMENT OF ALL CONDITIONS PRECEDENT TO THE SALE OF PHOENIX PLATINUM MINING PROPRIETARY LIMITED (“PHOENIX PLATINUM”) Further to the announcement published on 31 July 2017, Pan African is pleased to announce that all conditions precedent to the disposal of 100% of the shares and loan accounts in Phoenix Platinum to Sylvania Platinum Limited (“Transaction”) have now been fulfilled. This follows, amongst other conditions, the approval of the Transaction by the South African Competition Authorities in accordance with the Competition Act, No. 89 of 1998. The effective date of the Transaction is 6 November 2017, following the cash settlement of the Transaction consideration of R89 million or approximately US$6.3 million. By order of the Board Johannesburg 7 November 2017 Contact information Corporate Office Registered Office The Firs Office Building Suite 31 1st Floor, Office 101 Second Floor Cnr. Cradock and Biermann Avenues 107 Cheapside Rosebank, Johannesburg London South Africa EC2V 6DN Office: + 27 (0) 11 243 2900 United Kingdom Facsimile: + 27 (0) 11 880 1240 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, Joint Broker Office: + 44 (0) 207 796 8644 Office: +44 (0) 20 7260 1000 Sholto Simpson Ross Allister / Chris Burrows One Capital Peel Hunt LLP JSE Sponsor Joint Broker Office: + 27 (0) 11 550 5009 Office: +44 (0) 207 418 8900 Jeffrey Couch/Neil Haycock/Thomas Rider Bobby Morse/Chris Judd BMO Capital Markets Limited Buchanan Communications Joint Broker Public & Investor Relations UK Office: +44 (0) 207 236 1010 Office: + 44 (0) 207 466 5000 Julian Gwillim Aprio Strategic Communications Public & Investor Relations SA Office: +27 (0)11 880 0037 www.panafricanresources.com Date: 07/11/2017 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.