Director’s dealings in securities Pan African Resources PLC (Incorporated and registered in England and Wales under the UK Companies Act 2006 with registration number 3937466 on 25 February 2000) AIM Code: PAF JSE Code: PAN ISIN: GB0004300496 ADR ticker code: PAFRY (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 The Company announces it has received notification that on 1 October 2021, Chairman and independent non-executive director Keith Spencer, transferred 3,000,000 ordinary shares of 1p each in Pan African Resources between nominee accounts with no change in beneficial interest. Following this transaction, which is detailed in the PDMR Notification Dealing Form below, Mr Spencer has a direct beneficial interest of 3,000,000 ordinary shares, representing 0.1342% of the Company's issued share capital. The below information and notification is made in accordance with the EU Market Abuse Regulation. 1. Details of the person discharging managerial responsibilities/person closely associated a) Name: Keith Spencer 2. Reason for the notification a) Position/status: Independent non-executive director 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 Ordinary shares of 1p each instrument, type of instrument: Identification code: GB0004300496 b) Nature of the transaction: Transfer of shares between nominee accounts with no change in beneficial interest. c) Price(s) and volume(s): Price: Not applicable Volume: 3,000,000 ordinary shares d) Aggregated information: Not applicable – single transaction e) Dates of the transactions: 30 September 2021 f) Place of the transaction: Outside of a trading venue Johannesburg 1 October 2021 Sponsor: Questco Corporate Advisory Proprietary Limited Date: 01-10-2021 02:30:00 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.