PAN AFRICAN RESOURCES PLC - Pan African Resources PLC - Completion of Phase 1 of share buyback

Pan African Resources PLC - Completion of Phase 1 of share buyback

Pan African Resources PLC
(Incorporated and registered in England and Wales under the Companies Act 1985 with registered
number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
ADR ticker code: PAFRY
(“Pan African” or the “Company” or the “Group”)


PAN AFRICAN RESOURCES PLC COMPLETION OF PHASE 1 OF SHARE BUYBACK

Pan African, the South African gold producer, is pleased to announce that Phase 1 of the Company's
share buyback programme ("the Programme"), as announced on 1 April 2022, has been completed.

Under the Programme, between 1 April and 9 May 2022, the Company has repurchased in aggregate
11,825,491 ordinary shares of £0.01 pence each in the Company ("Ordinary Shares") for a total
consideration of ZAR 50.3 million (approximately £2.55 million). A total of 7,568,744 Ordinary Shares
have been bought back on the London Stock Exchange at a volume weighted average price of 21.67
pence per share. A total of 4,256,747 Ordinary Shares have been bought back on the Johannesburg
Stock Exchange at a volume weighted average price of 418.21 South African cents per share.

All shares purchased under the Programme have been cancelled.

The Company therefore has 2,222,862,046 ordinary shares of £0.01 each in issue, of which
306,358,058 ordinary shares are held in treasury. The above figure of 2,222,862,046 may be used by
shareholders as the denominator for calculating whether they are required to notify their interest in,
or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency
Rules.

The information contained in this update is the responsibility of the Pan African board of directors and
has not been reviewed or reported on by the Group’s external auditors.

Rosebank

12 May 2022

For further information on Pan African, please visit the Company's website at
www.panafricanresources.com



Corporate information

Corporate office                                 Registered Office

The Firs Office Building                         Suite 31

2nd Floor, Office 204                            Second Floor

Corner 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


Chief executive officer                          Financial director

Cobus Loots                                      Deon Louw

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

Phil Dexter/Jane Kirton                          Ross Allister/Alexander Allen

St James's Corporate Services Limited            Peel Hunt LLP

Office: + 44 (0) 20 7796 8644                    Office: +44 (0) 20 7418 8900


JSE Sponsor                                      Joint Broker

Ciska Kloppers                                   Thomas Rider/Nick Macann

Questco Corporate Advisory Proprietary Limited   BMO Capital Markets Limited

Office: + 27 (0) 11 011 9200                     Office: +44 (0) 20 7236 1010




                                                                                        

Date: 12-05-2022 07:57:00
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.