TR-1: Standard form for notification of major holdings Pan African Resources PLC (Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 3937466 on 25 February 2000) Share code on AIM: PAF Share code on JSE: PAN ISIN: GB0004300496 ADR ticker code: PAFRY (“Pan African” or the “Company” or the “Group”) 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 existing shares to which voting rights are attached PAN AFRICAN RESOURCE PLC ii: 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 obligation iv Name PUBLIC INVESTMENT CORPORATION SOC LIMITED City and country of registered office (if applicable) PRETORIA, SOUTH AFRICA 4. Full name of shareholder(s) (if different from 3.)v Name City and country of registered office (if applicable) 5. Date on which the threshold was crossed or 14/01/2022 reached vi: 6. Date on which issuer notified (DD/MM/YYYY): 17/01/2022 7. Total positions of person(s) subject to the notification obligation % of voting rights % of voting rights attached Total number of through financial instruments Total of both in % to shares (total voting rights of issuer (8.A + 8.B) of 8. A) vii (total of 8.B 1 + 8.B 2) Resulting situation on the date on which threshold was 9.004% 9.004% 2 234 687 537 crossed or reached Position of previous notification (if 8.362% 8.362% applicable) 8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii A: Voting rights attached to shares Class/type of Number of voting rights ix % of voting rights shares ISIN code (if possible) Direct Indirect Direct Indirect (Art 9 of Directive (Art 10 of Directive (Art 9 of Directive (Art 10 of Directive 2004/109/EC) (DTR5.1) 2004/109/EC) 2004/109/EC) (DTR5.1) 2004/109/EC) (DTR5.2.1) (DTR5.2.1) PAN 201 217 958 9.004% SUBTOTAL 8. A 201 217 958 9.004% 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 instruments Expiration Exercise/ that may be acquired if the instrument is exercised/converted % of voting rights date x Conversion Period xi SUBTOTAL 8. B 1 NIL NIL 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/ Physical or Type of financial Expiration Number of Conversion Period xi cash % of voting rights instrument date x voting rights settlement xii SUBTOTAL 8.B.2 NIL NIL 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) issuer xiii 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 entity xiv (please add additional rows as necessary) % of voting rights % of voting rights if it Total of both if it through financial instruments equals or is higher equals or is higher Name xv if it equals than the notifiable than the notifiable or is higher than the threshold threshold notifiable threshold PUBLIC INVESTMENT CORPORATION SOC LIM- 9.004% 9.004% ITED 10. In case of proxy voting, please identify: 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 xvi Name: REITUMETSE KAU E-Mail: Reitumetse.Kau@pic.gov.za TEL: 0127423747 Place of completion PRETORIA, SOUTH AFRICA Date of completion 17 January 2022 Rosebank 17 January 2022 For further information on Pan African, please visit the Company's website at www.panafricanresources.com Contact information Corporate Office Registered Office The Firs Office Building Suite 31 2nd Floor, Office 204 Second Floor Corner Cradock and Biermann Avenues 107 Cheapside Rosebank, Johannesburg London South Africa EC2V 6DN Office: + 27 (0) 11 243 2900 United Kingdom info@paf.co.za Office: + 44 (0) 20 7796 8644 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/Jane Kirton Ross Allister/David McKeown St James's Corporate Services Limited Peel Hunt LLP Company secretary Nominated Adviser and Joint Broker Office: + 44 (0) 20 7796 8644 Office: +44 (0) 20 7418 8900 Ciska Kloppers Thomas Rider/Nick Macann Questco Corporate Advisory Proprietary Limited BMO Capital Markets Limited JSE Sponsor Joint Broker Office: + 27 (0) 11 011 9200 Office: +44 (0) 20 7236 1010 Hethen Hira Website: www.panafricanresources.com Pan African Resources PLC Head: Investor relations Tel: + 27 (0)11 243 2900 E-mail: hhira@paf.co.za Date: 17-01-2022 02:51:00 Produced by the JSE SENS Department. 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