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TR-1: Standard form for notification of major holdings
Pan African Resources PLC Pan African Resources Funding Com-
(Incorporated and registered in England and Wales un- pany Limited
der Companies Act 1985 with registered number Incorporated in the Republic of South
3937466 on 25 February 2000) Africa with limited liability
Share code on AIM: PAF Registration number: 2012/021237/06
Share code on JSE: PAN Alpha code: PARI
ISIN: GB0004300496
ADR 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 for-
mat if possible)i
1a. Identity of the issuer or the underlying is-
suer of existing shares to which voting rights PAN AFRICAN RESOURCES PLC
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
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
VanEck Gold Miners ETF (AU)
VanEck S&P Global Mining UCITS ETF
Name
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: 19/09/2025
6. Date on which issuer notified
22/09/2025
(DD/MM/YYYY):
7. Total positions of person(s) subject to the notification obligation
% of voting rights at- % of voting rights Total number of voting
tached to shares (to- through financial instru- Total of both in % rights held in issuer
tal of 8. A) ments (8.A + 8.B) (8.A + 8.B) vii
(total of 8.B 1 + 8.B 2)
Resulting sit-
uation on the 2.30% 2.30% 46,627,718
date on
which
threshold
was crossed
or reached
Position of
previous no-
tification (if 6.009% 6.009%
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
ISIN code (if pos- Direct Indirect Direct Indirect
sible) (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)
Common Stock 46,627,718 2.30%
GB0004300496
SUBTOTAL 8. A 46,627,718 2.30%
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 finan- Expiration Exercise/ that may be acquired if % of voting rights
cial instrument datex Conversion Periodxi the instrument is
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))
Type of fi- Expiration Exercise/ Physical or Number of
nancial in- datex Conversion Pe- cash voting rights % of voting rights
strument riod xi settlement xii
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 X
entityxiv (please add additional rows as necessary)
% of voting rights
% of voting rights if it through financial instru- Total of both if it equals or is
Namexv equals or is higher than ments if it equals or is higher than the notifiable
the notifiable threshold higher than the notifiable threshold
threshold
VanEck Gold Min- 0.096% 0.096%
ers ETF (AU)
VanEck S&P 0.055% 0.055%
Global Mining
UCITS ETF
VanEck Junior 1.876% 1.876%
Gold Miners ETF
VanEck Junior 0.272% 0.272%
Gold 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 46,627,718 shares and 2.30% voting rights
The date until which the voting rights will be held Open
11. Additional informationxvi
Place of completion Tampa, FL. USA
Date of completion 22 September 2025
Rosebank
25 September 2025
For further information on Pan African Resources, please visit the Company's website at
www.panafricanresources.com
Corporate information
Corporate Office Registered Office
The Firs Building 107 Cheapside, 2nd Floor
2nd Floor, Office 204 London, EC2V 6DN
Corner Cradock and Biermann Avenues United Kingdom
Rosebank, Johannesburg Office: + 44 (0)20 3869 0706
South Africa jane.kirton@corpserv.co.uk
Office: + 27 (0)11 243 2900
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
E-mail: 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 & JSE Debt 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: 25-09-2025 08:00:00
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