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             PAN AFRICAN RESOURCES PLC        
    issuer 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                                               
                                                                                              
    An acquisition or disposal of qualifying financial instruments which may result      X    
    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                                                 
    notification obligation: iii                     TRUFFLE ASSET MANAGEMENT (PTY) LTD      
                                                                                             
    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 reached:                 20 APRIL 2016                 
    v                                                                                        
                                                                                             
    6. Date on which issuer notified:                                                        
                                                               20 APRIL 2016                 
                                                                                             
    7. Threshold(s) that is/are crossed or                                                   
    reached: vi, vii                                                 5%                      

    8. Notified details:
    A: Voting rights attached to shares viii, ix

    Class/type of     Situation previous                 Resulting situation after               
    shares             to the triggering                       the triggering                    
                          transaction                           transaction                      
                                                                                                 
    if possible                   Number                     Number             % of voting      
    using              Number       of       Number            of                 rights x       
    the ISIN CODE        of       Voting       of            voting                              
                       Shares     Rights     shares          rights                              
                                                                                                 
                                             Direct   Direct xi  Indirect    Direct    Indirect  
                                                                   xii                           
                                                                                                 
    GB0004300496      95301018   95301018   96350196  96350196               5.26%               

       

    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   rights that may be        rights     
                                             xiv            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        % of voting    
       instrument       price    date xvii  Conversion    rights instrument      rights xix, xx   
                                              period          refers to                           
                                               xviii                                              
                                                                                                  
                                                                                Nominal    Delta  
                                                                                                  
                                                                                                  

       

    Total (A+B+C)                                                                           

       

              Number of voting rights                    Percentage of voting rights         
                                                                                             
                    96,350,196                                      5.26%                    

       

    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:                    TRUFFLE 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:                                           ETIENNE ROUX                 
                                                                                             
    15. Contact telephone number:                              +27 11 325 0030               

       

    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                                        TRUFFLE ASSET MANAGEMENT (PTY) LTD      
    (including legal form of legal entities)                                                 
                                                                                             
    Contact address                                LANCASTER GATE, HYDE LANE OFFICE PARK,    
    (registered office for legal entities)                        HYDE PARK                  
                                                                                             
    Phone number & email                                       +27 11 325 0030               
                                                                                             
    Other useful information                                                                 
    (at least legal representative for legal                                                 
    persons)                                                                                 

    B: Identity of the notifier, if applicable

    Full name                                                   ETIEENE ROUX                 
                                                                                             
    Contact address                                LANCASTER GATE, HYDE LANE OFFICE PARK,    
                                                                  HYDE PARK                  
                                                                                             
    Phone number & email                                       +27 11 325 0030               
                                                                                             
    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.