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 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                                                               YES       
                                                                                                                        
    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           ALLAN GRAY UNIT TRUST MANAGEMENT (RF) PROPRIETARY LIMITED        
    notification obligation: iii                                                                                        
                                                                                                                        
    4. Full name of shareholder(s)                                                                                      
     (if different from 3.):iv                                                                                          
                                                                                                                        
    5. Date of the transaction and date on                                                                29 AUGUST 2016
    which the threshold is crossed or                                                                                   
    reached: v                                                                                                          
                                                                                                                        
    6. Date on which issuer notified:                                                                     29 AUGUST 2016
                                                                                                                        
    7. Threshold(s) that is/are crossed or                                                                            7%
    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                                      
                                                                                                                        
                   135 816 067       135 816 067 136 102 679    136 102 679             7.0040%                         
                                                                                                                        
    B: Qualifying Financial Instruments                                                                                 
                                                                                                                        
    Resulting situation after the triggering transaction                                                                
                                                                                                                        
    Type of financial           Expiration Exercise/                   Number of voting           % of voting             
    instrument                           Conversion Period xiv       rights that may be         rights                  
                                date                                 acquired if the                                    
                                xiii                                 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    Conversion period  instrument refers to        xix, xx                     
                                     xvii    xviii                                                                      
                                                                                                                        
                                                                                            Nominal         Delta       
                                                                                                                        
    Total (A+B+C)                                                                                                       
                                                                                                                        
    Number of voting rights                              Percentage of voting rights                                    
                                                                                                                        
    136 102 679                                          7.0040%                                                        
                                                                                                                        
    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:                                                                                       
                                                                                                                        
    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:                                                                                      NELIA DE BEER
                                                                                                                        
    15. Contact telephone number:                                                                        +27 87 736 1732