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 RESOURCE 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                  PUBLIC INVESTMENT CORPORATION SOC LIMITED         
    notification obligation: iii                                                                                
                                                                                                                
    4. Full name of shareholder(s)                                               N/A                            
     (if different from 3.):iv                                                                                  
                                                                                                                
    5. Date of the transaction and date on                                 29 January 2016                      
    which the threshold is crossed or                                                                           
    reached: v                                                                                                  
                                                                                                                
    6. Date on which issuer notified:                                      1 February 2016                      
                                                                                                                
    7. Threshold(s) that is/are crossed or                                       5%                             
    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     Indirect   Direct      Indirect    
                                                                  xi         xii                                
                                                                                                                
    PAN           90458915                      93510432                                5.106%                  
                                                                                                                
    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.                         
                                                                                                                
    NONE                    N/A         N/A                       N/A                           N/A             
                                                                                                                
    C: Financial Instruments with similar economic effect to Qualifying Financial                               
    Instruments xv, xvi                                                                                         
                                                                                                                
    Resulting situation after the triggering transaction                                                        
                                                                                                                
    Type of          Exercise   Expiration  Exercise/         Number of voting rights       % of voting rights  
    financial        price      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                              
                                                                                                                
    93510432                                           5.106%                                                   
                                                                                                                
    9. Chain of controlled undertakings through which the voting rights and/or the                              
    financial instruments are effectively held, if applicable: xxi                                              
                                                                                                                
                                                                                                                
    N/A                                                                                                         
                                                                                                                
    Proxy Voting:                                                                                               
                                                                                                                
    10. Name of the proxy holder:                                      N/A                                      
                                                                                                                
    11. Number of voting rights proxy holder will cease                N/A                                      
    to hold:                                                                                                    
                                                                                                                
    12. Date on which proxy holder will cease to hold                  N/A                                      
    voting rights:                                                                                              
                                                                                                                
                                                                                                                
    13. Additional information:                        N/A                                                      
                                                                                                                
    14. Contact name:                                  DEVILLIERS MAKONKO                                       
                                                                                                                
    15. Contact telephone number:                      012 742 3578                                             
                                                                                                                
    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                                          PUBLIC INVESTMENT CORPORATION SOC LIMITED                
    (including legal form of legal entities)                                                                    
                                                                                                                
    Contact address                                    PUBLIC INVESTMENT CORPORATION                            
    (registered office for legal entities)             REPUBLIC OF SOUTH AFRICA                                 
                                                       PRIVATE BAG X187                                         
                                                       PRETORIA                                                 
                                                       0001                                                     
                                                                                                                
    Phone number & email                               012 742 3578                                             
                                                                                                                
    Other useful information                           CONTACT: DEVILLIERS MAKONKO                              
    (at least legal representative for legal persons)                                                           
                                                                                                                
    B: Identity of the notifier, if applicable                                                                  
                                                                                                                
    Full name                                          DEVILLIERS MAKONKO                                       
                                                                                                                
    Contact address                                    PUBLIC INVESTMENT CORPORATION                            
                                                       REPUBLIC OF SOUTH AFRICA                                 
                                                       PRIVATE BAG X187                                         
                                                       PRETORIA                                                 
                                                       0001                                                     
                                                                                                                
                                                       012 742 3578 &                                           
    Phone number & email                               Devilliers.makonko@pic.gov.za                            
                                                                                                                
    Other useful information                                                                                    
    (e.g. functional relationship with the 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.