Pan African Resources establishes Sponsored American Depository Receipt (ADR) Programme 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 ("Pan African Resources" or "the Company") PAN AFRICAN RESOURCES ESTABLISHES SPONSORED AMERICAN DEPOSITORY RECEIPT (ADR) PROGRAMME Pan African Resources’ shareholders are advised that the Company has established a sponsored Level -1 ADR programme today on the over-the-counter market in the United States (US) with the Bank of New York Mellon (BNY Mellon) being the appointed Depository. Each depository receipt in the ADR programme represents twenty (20) ordinary shares in Pan African Resources and trades under the symbol ‘PAFRY’. Pan African Resources CEO Cobus Loots said: “Pan African has a strong shareholder base in South Africa and in the United Kingdom. By establishing the ADR programme, the Company will make investing in its shares even more accessible to international investors, particularly the US investor market. Furthermore, Pan African joins a number of its peers which have successfully implemented an ADR programme.” Pan African Resources has a dual listing on the Main Board of the Johannesburg Stock Exchange in South Africa (JSE:PAN) and AIM Market of the London Stock Exchange in the UK (AIM:PAF). Rosebank 02 July 2020 For further information on Pan African Resources, 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 Cnr. 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 John Prior St James's Corporate Services Limited Numis Securities Limited Company Secretary Nominated Adviser and Joint Broker Office: + 44 (0)20 7796 8644 Office: +44 (0)20 7260 1000 Ciska Kloppers Ross Allister/David McKeown Questco Corporate Advisory Proprietary Limited Peel Hunt LLP JSE Sponsor Joint Broker Office: + 27 (0)11 011 9200 Office: +44 (0)20 7418 8900 Hethen Hira Thomas Rider/Neil Elliot Pan African Resources PLC BMO Capital Markets Limited Head : Investor Relations Joint Broker Tel: + 27 (0)11 243 2900 Office: +44 (0)20 7236 1010 E-mail: hhira@paf.co.za Website: www.panafricanresources.com Date: 02-07-2020 09:00:00 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.