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, 26 April 2018: 1(a). IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO WHICH VOTING RIGHTS ARE ATTACHED: Pan African Resources PLC 1(b). Please indicate if the issuer is a non-UK issuer: UK issuer 2. REASON FOR THE NOTIFICATION: An acquisition or disposal of voting rights: Yes An acquisition or disposal of financial instruments: No An event changing the breakdown of voting rights: No Other (please specify): No 3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION: Public Investment Corporation SOC Limited 4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.): N/A 5. DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED: 24 April 2018 6. DATE ON WHICH ISSUER NOTIFIED: 26 April 2018 7. TOTAL POSITIONS OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION: -------------------------------------------------------------------------------------------------------- ------------------------------- % of voting rights % of voting rights through attached to shares through financial instruments (total of 8.A) (total 8.B 1 + 8.B 2) --------------------------------------------------------------------------------------------------------------------------------------- Resulting situation on the Date on which threshold was Crossed or reached 4.301% 0% --------------------------------------------------------------------------------------------------------------------------------------- Position of previous Notification (if applicable) 3.848% 0% --------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- ---------- Total of both in % Total number of voting rights (8.A + 8.B) of issuer ----------------------------------------------------------------------------------------------------------------------------- ---------- Resulting situation on the Date on which threshold was 4.301% 2 234 687 537 Crossed or reached ----------------------------------------------------------------------------------------------------------------------------- ---------- Position of previous Notification (if applicable) 3.848% ----------------------------------------------------------------------------------------------------------------------------- ---------- 8. NOTIFIED DETAILS OF THE RESULTING SITUATION ON THE DATE ON WHICH THE THRESHOLD WAS CROSSED OR REACHED: A: VOTING RIGHTS ATTACHED TO SHARES ---------------------------------------------------------------------------------------------------------- ----------------------------- Class/type Number of voting Number of voting % of voting % of voting of shares rights - rights - rights rights Direct Indirect Direct Indirect ------------------------------------------------------------------------------------ --------------------------------------------------- PAN 96 107 711 N/A 4.301% N/A --------------------------------------------------------------------------------------------------------- ----------------------------- SUBTOTAL 8.A 96 107 711 4.301% ----------------------------------------------------------------------------------------------------------------------------- --------- B 1: FINANCIAL INSTRUMENTS ----------------------------------------------------------------------------------------------------------------------------- ---------- 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 ----------------------------------------------------------------------------------------------------------------------------- ---------- B 2: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT ----------------------------------------------------------------------------------------------------------------------------- ---------- Resulting situation after the triggering transaction ----------------------------------------------------------------------------------------------------------------------------- ---------- Type of financial Expiration Exercise / Physical or Number % of voting instrument Date Conversion Cash of voting rights Period Settlement rights ----------------------------------------------------------------------------------------------------------------------------- ---------- N/A N/A N/A N/A N/A N/A ------------------------------------------------------------------------------------------------------------------------------ --------- 9. INFORMATION IN RELATION TO THE PERSON SUBJECT TO THE NOTIFICATION OBLIGATION: --------------------------------------------------------------------------------------------------------------------------------------- Name % of voting rights % of voting rights Total of both if it If it equals or is higher through financial equals or is higher than the notifiable instruments if it than the notifiable threshold equals or is higher threshold than the notifiable threshold -------------------------------------------------------------------------------------------------------- ------------------------------- Public Investment 4.301% N/A 4.301% Corporation SOC Limited ----------------------------------------------------------------------------------------------------------------------------- ---------- 10. NAME OF THE PROXY HOLDER: N/A THE NUMBER AND % OF VOTING RIGHTS HELD: N/A THE DATE UNTIL WHICH THE VOTING RIGHTS WILL BE HELD: N/A 11. ADDITIONAL INFORMATION Name: Devilliers Makonko E-mail: Devilliers.makonko@pic.gov.za Tel: +27 12 742 3578 London 26 April 2018 Contact information Corporate Office Registered Office The Firs Office Building Suite 31, Second Floor 1st Floor, Office 101 107 Cheapside Cnr. Cradock and Biermann Avenues London Rosebank, Johannesburg EC2V 6DN South Africa United Kingdom Office: + 27 (0) 11 243 2900 Office: + 44 (0) 207 796 8644 Facsimile: + 27 (0) 11 880 1240 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) 207 418 8900 Julian Gwillim Jeffrey Couch/Neil Haycock/Thomas Rider Aprio Strategic Communications BMO Capital Markets Limited Public & Investor Relations SA Joint Broker Office: +27 (0)11 880 0037 Office: +44 (0) 207 236 1010 Bobby Morse/Chris Judd Buchanan Communications Public & Investor Relations UK Office: +44 (0) 207 466 5000 www.panafricanresources.com Date: 26/04/2018 01:00:00 Produced by the JSE SENS Department. 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