Please be advised that this announcement is being reissued due to an issue with
    the previously published announcements' headline. All announcement content
    below remains unchanged.

                               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                               

     COMPLETION OF THE ACQUISITION OF BLUE FALCON 232 TRADING PROPRIETARY LIMITED  
     ("UITKOMST COLLIERY") FROM OAKLEAF INVESTMENT HOLDING 109 PROPRIETARY LIMITED 
            AND SHANDUKA RESOURCES PROPRIETARY LIMITED (the "TRANSACTION")         

    Pan African shareholders are referred to the initial Transaction announcement
    published by the Company on 8 June 2015, regarding the acquisition of Uitkomst
    Colliery by the Company.

    Pan African is pleased to advise shareholders that the Transaction has become
    unconditional, and that Pan African assumed effective control of Uitkomst
    Colliery on 1 April 2016. Pan African settled the Transaction's revised
    purchase consideration of R176 million in full in cash on 31 March 2016. The
    total net purchase consideration (inclusive of working capital acquired)
    amounts to approximately R150 million, compared to the R200 million previously
    announced.

    The Uitkomst Colliery will be implementing a BEE transaction similar in nature
    to those currently in place at Pan African's Barberton and Evander mining
    operations. The BEE transaction will result in an additional 9% historically
    disadvantaged on-mine ownership in the Uitkomst Colliery. This 9% ownership
    will be held by broad-based trusts and by a strategic entrepreneur's trust. The
    BEE transaction will be financed by the Uitkomst Colliery on a notional basis,
    with this notional funding accruing interest linked to the prime interest rate.
    The Transaction results in limited dilution to Pan African and 80% of dividends
    issued to the BEE shareholders will be retained to repay the notional funding
    over a period of 10 years.

    A production update for Uitkomst Colliery for the period 1 July 2015 - 29
    February 2016 is as follows:

    Run-of-mine coal mined           : 412 kt                                              
                                                                                           
    Saleable coal produced           : 278 kt                                              
                                                                                           
    Wash yield                       : 67.5%                                               

    The life of mine of the operation is estimated at 28 years.

    BDO Corporate Finance Proprietary Limited ("Expert"), who were appointed as the
    independent expert by Pan African, have concluded that the terms of the
    Transaction are fair in so far as Pan African shareholders are concerned. A
    copy of the Expert's opinion is available for inspection at the Corporate
    Offices of the Company for a period of 28 days from the date of this
    announcement.

    Cobus Loots, CEO of Pan African commented: "We are pleased to have finalised
    the Transaction and we welcome the Uitkomst Colliery employees to the Group.
    The Transaction is expected to be value accretive to Pan African, as previously
    communicated".

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

    4 April 2016

    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
    Facsimile: + 27 (0) 11 880 1240

    Registered Office

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

    Office:   + 44 (0) 207 796 8644
    Facsimile: + 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 Thöle                              
                                                                                           
    Aprio Strategic Communications               Bell Pottinger                            
                                                                                           
    Public & Investor Relations SA               Public & Investor Relations UK            
                                                                                           
    Office: + 27 (0)11 880 0037                   Office: + 44 (0)203 772 2500             

    www.panafricanresources.com