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
of existing shares to which voting rights are                                       Pan African Resources Plc
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         Holding decreased below 7% threshold                                             X
specify):

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                                                          25th February 2015
reached: v

6. Date on which issuer notified:                                                          25th February 2015

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

8. Notified details:

A: Voting rights attached to shares viii, ix

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

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

GB0004300496    135 194 349                   127 272 934                         6.95%



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


                                                                                      Nominal           Delta





Total (A+B+C)

Number of voting rights                              Percentage of voting rights

127 272 934                                          6.95%

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 entities)                                Coronation Asset Management (Pty) Ltd



Contact address
                                                         7th Floor, MontClare Place, Corner of Campground and
(registered office for legal entities)                              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 investment
(at least legal representative for legal persons)      manager acts on behalf of various 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 Management (Pty)
(e.g. functional relationship with the person or                                                          Ltd
legal entity subject to the notification
obligation)



C: Additional information



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