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                               

          UPDATED TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2015      

    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 upon next, will differ by at least 20
       percent 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 the 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.

    Shareholders are referred to the original trading statement and group net debt
    announcement dated 26 November 2015.

    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 ended 31 December 2015 ("current interim
    reporting period"), the average prevailing ZAR/GBP exchange rate is used to
    translate earnings per share ("EPS") and headline earnings per share ("HEPS")
    from ZAR to GBP.  In the current interim reporting period the average ZAR/GBP
    exchange rate was ZAR20.83:1 (31 December 2014: ZAR17.87:1). The
    period-on-period change in the average exchange rate of 16.6% must be taken
    into account for the purposes of translating and comparing period-on-period
    results.

    Pan African advises shareholders that the Group EPS and HEPS for the current
    interim reporting period denominated in GBP are expected to be between:

     1. 0.57 pence and 0.63 pence (being 84 percent to 104 percent) higher than the
        0.31 pence HEPS for the prior interim reporting period.
     2. 0.57 pence and 0.63 pence (being 90 percent to 110 percent) higher than the
        0.30 pence EPS for the prior interim reporting period.

    EPS and HEPS, calculated in ZAR, are expected to be between:

     1. 11.89 cents and 13.02 cents (being 112 percent to 132 percent) higher than
        the 5.61 cents HEPS for the prior interim reporting period.
     2. 11.87 cents and 12.95 cents (being 119 percent to 139 percent) higher than
        the 5.42 cents EPS for the prior interim reporting period.

    Production Summary

    Operation           Unit             2015        2014              %           
                                                                                   
    Barberton Mines     (Gold oz)       56,447      52,942           6.6           
                                                                                   
    Evander Mines       (Gold oz)       45,350      33,733          34.4           
                                                                                   
    Phoenix Platinum    (PGE oz)         4,493       4,711          (4.6)          
                                                                                   
    Total               (oz)           106,290      91,386          16.3           

    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 ended
    31 December 2015 on or about 23 February 2016.

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

    8 February 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      Numis Securities Limited              
    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/ Richard Crowley/      
                                                                           
                                       Aarti Iyer                          
                                                                           
    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