Pan African Resources PLC                           
                    ("Pan African" or "the Company" or "the Group")                
    (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                               

                    TRADING STATEMENT AND UPDATE ON GROUP NET DEBT                 

    In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a
    listed company is required to publish a trading statement as soon as it is
    satisfied that a reasonable degree of certainty exists that the financial
    results for the period to be reported on next, will differ by at least 20 per
    cent from those of the previous corresponding period. In the event that the
    listed company does not have reasonable certainty to provide guidance in terms
    of a specific percentage and number, or a range thereof (with said range not
    exceeding 20%), the listed company may provide only a minimum percentage and
    number difference in the anticipated financial results, together with relevant
    information available at the time.

    Pan African is incorporated in England and Wales under the Companies Act 1985
    and accordingly its presentation currency is Pounds Sterling ("GBP").

    The average ZAR:GBP exchange rates affect the reporting of results in GBP. For
    the six month interim reporting period ending 31 December 2015 ("current
    interim reporting period"), the average prevailing ZAR:GBP exchange rate will
    be used to translate earnings per share ("EPS") and headline earnings per share
    ("HEPS") from ZAR to GBP.  For the interim reporting period ended
    31 December 2014 ("prior interim reporting period"), the average ZAR:GBP
    exchange rate was 17.87:1. For the 4-month period ended 31 October 2015, the
    ZAR had depreciated against the GBP, with an average exchange rate of 20.26:1.
    This year-on-year change in the average exchange rate should be taken into
    account for the purposes of a comparison with the prior interim reporting
    period.

    Pan African's next interim reporting period only concludes on 31 December 2015,
    and financial results for this period will be affected by market, operational
    and other factors in the intervening period which may impact on the Group's
    final interim results. Pan African advises shareholders that its EPS and HEPS
    for the current interim reporting period are expected to be a minimum of 10.37
    cents per share, which represents an increase of at least:

     1. 85% relative to the HEPS of 5.61 cents reported for the prior interim
        reporting period; and
       
     2. 91% relative to the EPS of 5.42 cents reported for the prior interim
        reporting period.
       
        Included in the prior interim reporting period earnings were hedging
        profits amounting to ZAR44.8m or 2.4 cents per share.
       
        The reasons for the increased earnings include an improved operating
        performance from both Barberton Mines and Evander Mines, as well as an
        increase in the ZAR gold price received by the operations during the first
        five months of the current interim reporting period.
       
        Using the average ZAR:GBP exchange rate of 20.26:1 that prevailed for the
        first four-months of the current interim reporting period, the Group's EPS
        and HEPS for the current interim reporting period is expected to be a
        minimum of 0.51 pence per share, which represents an increase of at least:
       
     3. 65% relative to the HEPS of 0.31 pence reported for the prior interim
        reporting period; and
       
     4. 70% relative to the EPS of 0.30 pence reported for the prior interim
        reporting period.
       
        In the current reporting period, the Group's cash flows have been robust
        and excellent progress has been made in redeeming debt.  At present, the
        Group's net debt position is ZAR70m, relative to net debt of ZAR321m
        reported at 30 June 2015. The Group is able to draw on its revolving credit
        facility to the extent of ZAR800m, which adequately provides for the
        payment of the proposed dividend of ZAR210m in December 2015.
       
        The financial information contained in this trading statement has neither
        been reviewed nor audited by the Company`s auditors. Pan African
        anticipates that it will release its unaudited interim results for the
        period ending
        31 December 2015 on or about 25 February 2016.
       
        For further information on Pan African, please visit the Company's website
        at www.panafricanresources.com
       
        26 November 2015
       

    Contact Details

    Corporate Office
    The Firs Office Building
    1st Floor, Office 101
    Cnr. Cradock and Biermann Avenues
    Rosebank, Johannesburg
    South Africa
    Office:   + 27 (0) 11 243 2900
    Facsmile: + 27 (0) 11 880 1240

    Registered Office
    Suite 31
    Second Floor
    107 Cheapside
    London
    EC2V 6DN
    United Kingdom

    Office:   + 44 (0) 207 796 8644
    Facsmile: + 44 (0) 207 796 8645

    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                            John Prior / Paul Gillam
    St James's Corporate Services Limited   Numis Securities Limited
    Company Secretary                      Nominated Adviser and Joint Broker
    Office: + 44 (0)207 796 8644           Office: +44 (0)20 7260 1000

    Sholto Simpson                          Matthew Armitt / Ross Allister
    One Capital                             Peel Hunt LLP
    JSE Sponsor                             Joint Broker
    Office: + 27 (0)11 550 5009             Office: +44 (0)020 7418 8900

    Julian Gwillim                         Daniel Thole
    Aprio Strategic Communications         Bell Pottinger PR
    Public & Investor Relations SA         Public & Investor Relations UK
    Office: +27 (0)11 880 0037             Office: + 44 (0)203 772 2500

    www.panafricanresources.com