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 existing shares to which voting Pan African Resources plc 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 Name Ruffer LLP City and country of registered office (if applicable) London, United Kingdom 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 16 March 2020 or reachedvi: 6. Date on which issuer notified 18 March 2020 (DD/MM/YYYY): 7. Total positions of person(s) subject to the notification obligation % of voting rights % of voting rights Total number of through financial Total of both in % attached to shares voting rights of instruments (8.A + 8.B) (total of 8. A) issuervii (total of 8.B 1 + 8.B 2) Resulting situation on the date on which threshold was 5% 0% 5% 2,234,687,537 crossed or reached Position of previous notification (if N/A N/A N/A 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 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) GB00BHB1XR83 112,710,483 0 5% 0% SUBTOTAL 8. A 112,710,483 5% 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 Expiration Exercise/ that may be acquired if % of voting rights instrument datex Conversion Periodxi the instrument is exercised/converted. N/A N/A N/A N/A N/A SUBTOTAL 8. B 1 N/A N/A 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 cash % of voting rights instrument datex voting rights Period xi settlementxii N/A N/A N/A N/A N/A N/A SUBTOTAL N/A 8.B.2 N/A 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 X 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 through financial Total of both if it it equals or is higher instruments if it equals or is higher Namexv than the notifiable equals or is higher than the notifiable threshold than the notifiable threshold threshold N/A N/A N/A N/A 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 N/A held 11. Additional informationxvi Ruffer LLP now controls the voting rights over 112,710,483 shares (5% of the voting rights) of Pan African Resources plc which are held by the discretionary clients of Ruffer LLP and its subsidiaries (the voting of which is all controlled by Ruffer LLP). This change from less than 5% to 5% is due to a purchase of 2,000,000 shares by Ruffer LLP on 16 March 2020. Place of completion Ruffer LLP Date of completion 18/03/2020 Johannesburg 18 March 2020 Sponsor: Questco Corporate Advisory Proprietary Limited Date: 18-03-2020 05:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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