Sharenet Sites 
Sharenet Sites
TR-1: Standard form for notification of major holdings
Pan African Resources PLC Pan African Resources Funding Company Limited
(Incorporated and registered in England and Wales Incorporated in the Republic of South Africa with
under the Companies Act 1985 with registered limited liability
number 3937466 on 25 February 2000) Registration number: 2012/021237/06
Share code on AIM: PAF Alpha code: PARI
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 at- PAN AFRICAN RESOURCES PLC
tached 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 Van Eck Associates Corporation
City and country of registered office (if applicable) New York, NY USA
4. Full name of shareholder(s) (if different from 3.) v
Name ESB Pension Fund GDX
VanEck Gold Miners ETF
VanEck Gold Miners ETF (AU)
VanEck Gold Miners UCITS ETF
VanEck Junior Gold Miners ETF
VanEck Junior Gold Miners UCITS ETF
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or
reachedvi: 21/03/2025
6. Date on which issuer notified (DD/MM/YYYY): 24/03/2025
7. Total positions of person(s) subject to the notification obligation
% of voting rights Total number of
% of voting rights at- through financial instru- Total of both in % voting rights held
tached to shares (to- ments (8.A + 8.B) in issuer (8.A +
tal of 8. A) (total of 8.B 1 + 8.B 2) 8.B) vii
Resulting situation
on the date on which
threshold was
crossed or reached 6.799% 6.799% 137,964,448
Position of previous
notification (if 4.765% 4.765%
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)
Common Stock
137,964,448 6.799%
GB0004300496
SUBTOTAL 8. A 137,964,448 6.799%
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
strument date x Conversion Period xi the instrument is % of voting rights
exercised/converted.
SUBTOTAL 8. B 1
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 Conversion Pe- cash Number of % of voting rights
instrument datex riod xi settlement xii voting rights
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) 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 X
(please add additional rows as necessary)
% of voting rights
% of voting rights if it through financial in- Total of both if it
equals or is higher struments if it equals equals or is higher
Name xv than the notifiable than the notifiable or is higher than the
threshold notifiable threshold threshold
ESB Pension Fund GDX 0.031% 0.031%
VanEck Gold Miners 3.647% 3.647%
ETF
VanEck Gold Miners 0.113% 0.113%
ETF (AU)
VanEck Gold Miners 0.413% 0.413%
UCITS ETF
VanEck Junior Gold 2.330% 2.330%
Miners ETF
VanEck Junior Gold 0.264% 0.264%
Miners UCITS ETF
10. In case of proxy voting, please identify:
Name of the proxy holder Glass Lewis
The number and % of voting rights held 137,964,448 shares and 6.799% voting rights
The date until which the voting rights will be held Open
3
11. Additional information xvi
Place of completion Tampa, FL. USA
Date of completion 24 March 2025
Rosebank
25 March 2025
For further information on Pan African, please visit the Company's website at
www.panafricanresources.com
Corporate information
Corporate Office Registered Office
The Firs Building 107 Cheapside
2nd Floor, Office 204 2nd Floor
Cnr Cradock and Biermann Avenues London
Rosebank, Johannesburg EC2V 6DN
South Africa United Kingdom
Office: + 27 (0) 11 243 2900 Office: + 44 (0) 20 3869 0706
info@paf.co.za
Chief executive officer Financial director and debt officer
Cobus Loots Marileen Kok
Office: + 27 (0) 11 243 2900 Office: + 27 (0) 11 243 2900
Head: Investor relations Website: www.panafricanresources.com
Hethen Hira
Tel: + 27 (0) 11 243 2900
Email: hhira@paf.co.za
Company secretary Nominated adviser and joint broker
Jane Kirton Ross Allister/Georgia Langoulant
St James's Corporate Services Limited Peel Hunt LLP
Office: + 44 (0) 20 3869 0706 Office: +44 (0) 20 7418 8900
JSE sponsor Joint broker
Ciska Kloppers Thomas Rider/Nick Macann
Questco Corporate Advisory Proprietary BMO Capital Markets Limited
Limited Office: +44 (0) 20 7236 1010
Office: + 27 (0) 63 482 3802
Joint broker
Matthew Armitt/Jennifer Lee
Joh. Berenberg, Gossler & Co KG (Berenberg)
Office: +44 (0) 20 3207 7800
Date: 25-03-2025 10:30:00
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.
