Director’s dealings in securities 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”) DIRECTOR’S DEALINGS IN SECURITIES DEALING NOTIFICATION FORM FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS 1. Details of the person discharging managerial responsibilities/person closely associated a) Name: Keith Cousens Spencer 2. Reason for the notification a) Position/status: Chairman b) Initial notification/Amendment: Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Company name: Pan African Resources PLC b) LEI: 213800EAXURCXM6RL85 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, Ordinary shares of 1pence each type of instrument: Identification code: GB0004300496 b) Nature of the transactions: Share Transfer from the Strode Trust into the name of KC Spencer c) Price(s) and volume(s): Price(s) Volume(s) N/A 3,000,000 d) Aggregated information: Total Volume(s) N/A 3,000,000 e) Date of the transaction: 17 October 2018 f) Place of the transaction: Outside a Trading Venue Additional information disclosed in accordance with the JSE Listings Requirements: a) Nature of interest of executive: Direct Beneficial b) On-market or off-market: Off-market c) Clearance given in terms of paragraph 3.66 of the Yes JSE Listings Requirements: d) Holding following transactions: 3,000,000 e) Deemed value: ZAR5,250,000 Johannesburg 19 October 2018 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 and Joint Broker Office: + 44 (0) 207 796 8644 Office: +44 (0) 20 7260 1000 Taryn Carter Ross Allister/ James Bavister / David One Capital McKeown JSE Sponsor Peel Hunt LLP Office: + 27 (0) 11 550 5030 Joint Broker 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 and Chris Judd Website: www.panafricanresources.com Buchanan Public & Investor Relations UK Office: +44 (0)20 7466 5000 paf@buchanan.uk.com Date: 19/10/2018 05:01:00 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.