For filings with the FCA include the annex
For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi



1. Identity of the issuer or the underlying issuer             Pan African Resources Plc
of existing shares to which voting rights are
attached:ii

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result
in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to
qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):             Holding decreased below 9% and 8% thresholds       X

3. Full name of person(s) subject to the           Coronation Asset Management (Pty) Ltd
notification obligation:iii

4. Full name of shareholder(s)
 (if different from 3.):iv

5. Date of the transaction and date on
which the threshold is crossed or                                      10th October 2014
reached: v

6. Date on which issuer notified:                                      10th October 2014

7. Threshold(s) that is/are crossed or                                         9% and 8%
reached: vi, vii



8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type   Situation previous             Resulting situation after the triggering transaction
of           to the triggering
shares       transaction


if possible  Number           Number        Number             Number of voting        % of  voting rights x
using        of               of            of shares          rights
the ISIN     Shares           Voting
CODE                          Rights
                                            Direct             Direct xi  Indirect xii Direct Indirect


GB0004300496 166 880 826                    140 538 942                                7.68%



B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial  Expiration      Exercise/                    Number of voting             % of voting
instrument         date xiii       Conversion Period xiv        rights that may be           rights
                                                                acquired if the
                                                                instrument is
                                                                exercised/ converted.





C: Financial Instruments with similar economic effect to Qualifying Financial
Instruments xv, xvi

Resulting situation after the triggering transaction

Type of       Exercise price  Expiration   Exercise/           Number of voting rights    % of voting rights
financial                     date xvii    Conversion period   instrument refers to       xix, xx
instrument                                 xviii


                                                                                          Nominal Delta




Total (A+B+C)

Number of voting rights                             Percentage of voting rights

140 538 942                                         7.68%



9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi





Proxy Voting:

10. Name of the proxy holder:                      Coronation Asset Management (Pty) Ltd

11. Number of voting rights proxy holder will
cease
to hold:

12. Date on which proxy holder will cease to hold
voting rights:




13. Additional information:

14. Contact name:                                                          Jamie Rowland

15. Contact telephone number:                                            +27 21 680 2000



Note: Annex should only be submitted to the FCA not the issuer

Annex: Notification of major interests in sharesxxii



A: Identity of the persons or legal entity subject to the notification
obligation

Full name

(including legal form of legal                     Coronation Asset Management (Pty) Ltd
entities)



Contact address                         7th Floor, MontClare Place, Corner of Campground                              (registered office for legal entities)     and Main Roads, Claremont, South Africa, 7708


Phone number & email                          +27 21 680 2000, jrowland@coronation.co.za


Other useful information                        Coronation Asset Management (Pty) Ltd as
at least legal representative for          investment manager acts on behalf of various
legal persons)                             clients holding PAN/PAFLN in their portfolios




B: Identity of the notifier, if applicable

Full name                                                                 Jamie Rowland

Contact address                         7th Floor, MontClare Place, Corner of Campground
                                           and Main Roads, Claremont, South Africa, 7708


Phone number & email                          +27 21 680 2000, jrowland@coronation.co.za


Other useful information
                                                  Compliance Officer at Coronation Asset
(e.g. functional relationship with the                              Management (Pty) Ltd
person or legal entity subject to the
notification obligation)


C: Additional information


For notes on how to complete form TR-1 please see the FCA website.