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                                                   X     
                                                                                                        
    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):                                                                                           
                                                                                                        
    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                                              11 November 2015
    which the threshold is crossed or                                                                   
    reached: v                                                                                          
                                                                                                        
    6. Date on which issuer notified:                                                   11 November 2015
                                                                                                        
    7. Threshold(s) that is/are crossed or                                                     3% and 4%
    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                                                                                           
    using            Number       Number       Number        Number of voting     % of  voting rights x   
    the ISIN CODE    of           of           of shares     rights                                       
                     Shares       Voting                                                                  
                                  Rights       Direct        Direct xi   Indirect Direct       Indirect   
                                                                         xii                              
                                                                                                          
    GB0004300496     75 351 508   75 351 508   54 351 508    54 351 508           2.97%                   
                                                                                                          
    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   
    instrument        price       date xvii   Conversion     instrument refers to    xix, xx              
                                              period xviii                                                
                                                                                                          
                                                                                     Nominal      Delta   
                                                                                                          
    Total (A+B+C)                                                                                         
                                                                                                          
    Number of voting rights                           Percentage of voting rights                         
                                                                                                          
    54 351 508                                        2.97%                                               
                                                                                                          

       

    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:                                                               Beauty Adoro
                                                                                                
    15. Contact telephone number:                                                +27 21 680 2000