Directors 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 Resources 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: Cobus Loots 2. Reason for the notification a) Position/status: Chief Executive Officer 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: 213800EAXURCXMX6RL85 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, type of Ordinary shares of 1p each instrument: Identification code: GB0004300496 b) Nature of the transaction: Acquisition of ordinary shares c) Price(s) and volume(s): 80,072 GBP0.1252 d) Aggregated information: GBP10,025.01 e) Date of the transaction: 6 March 2020 f) Place of the transaction: London Stock Exchange Additional information disclosed in accordance with the JSE Listings Requirements: a) Nature and extent of interest of executive: Direct Beneficial b) On-market or off-market: On-market c) Clearance given in terms of paragraph 3.66 of the Yes JSE Listings Requirements: d) Holding following transactions: 1,571,747 Johannesburg 9 March 2020 Sponsor: Questco Corporate Advisory Proprietary Limited Date: 09-03-2020 12:30:00 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.