TR-1: Standard form for notification of major holdings Pan African Resources PLC (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 (“the Company”) TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i 1a. Identity of the issuer or the underlying issuer of ex- Pan African Resources Plc isting shares to which voting rights are attachedii: 1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) Non-UK issuer 2. Reason for the notification (please mark the appropriate box or boxes with an “X”) An acquisition or disposal of voting rights X An acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify)iii: 3. Details of person subject to the notification obligationiv Coronation Asset Management (Pty) Ltd acting as dis- Name cretionary investment manager on behalf of managed portfolios. City and country of registered office (if applicable) Cape Town, South Africa 4. Full name of shareholder(s) (if different from 3.)v Name N/A City and country of registered office (if applicable) 5. Date on which the threshold was crossed or reachedvi: 19/02/2019 6. Date on which issuer notified (DD/MM/YYYY): 19/02/2019 1 7. Total positions of person(s) subject to the notification obligation % of voting rights % of voting rights at- Total number of through financial in- Total of both in % tached to shares (to- voting rights of is- struments (8.A + 8.B) tal of 8. A) suervii (total of 8.B 1 + 8.B 2) Resulting situation on the date on which 6.99% 6.99% 2 234 687 537 threshold was crossed or reached Position of previous notification (if 7.95% 7.95% applicable) 8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii A: Voting rights attached to shares Class/type of Number of voting rightsix % of voting rights shares Direct Indirect Direct Indirect ISIN code (if possible) (Art 9 of Directive (Art 10 of Directive (Art 9 of Directive (Art 10 of Directive 2004/109/EC) 2004/109/EC) 2004/109/EC) (DTR5.1) 2004/109/EC) (DTR5.1) (DTR5.2.1) (DTR5.2.1) GB0004300496 156 315 117 6.99% SUBTOTAL 8. A 156 315 117 6.99% B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) Number of voting rights Type of financial in- Expiration Exercise/ that may be acquired if % of voting rights strument datex Conversion Periodxi the instrument is exercised/converted. SUBTOTAL 8. B 1 2 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) Exercise/ Type of financial Expiration Physical or cash Number of Conversion Pe- % of voting rights instrument datex xi settlementxii voting rights riod SUBTOTAL 8.B.2 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal enti- X tyxiv (please add additional rows as necessary) % of voting rights through % of voting rights if it Total of both if it equals or financial instruments if it Namexv equals or is higher than is higher than the notifia- equals or is higher than the notifiable threshold ble threshold the notifiable threshold Coronation Fund Manag- ers Ltd Coronation Investment Management SA (Pty) Ltd Coronation Asset Manage- 6.99% 6.99% ment (Pty) Ltd 10. In case of proxy voting, please identify: Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held 3 11. Additional informationxvi Place of completion Cape Town, South Africa Date of completion 19th February 2019 Rosebank 19 February 2019 4 Contact information Corporate Office Registered Office The Firs Office Building Suite 31 2nd Floor, Office 204 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 Marian Gaylard Ross Allister/James Bavister/David McKeown Questco Corporate Advisory (Proprietary) Limited Peel Hunt LLP JSE Sponsor Joint Broker Office: + 27 (0) 11 011 9200 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 5 Date: 19/02/2019 12:00:00 Produced by the JSE SENS Department. 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