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               
    notification obligation: iii                        LIMITED                                                         
                                                                                                                        
    4. Full name of shareholder(s)                                                                                      
     (if different from 3.):iv                                                                                          
                                                                                                                        
    5. Date of the transaction and date on                                                                 18 April 2017
    which the threshold is crossed or                                                                                   
    reached: v                                                                                                          
                                                                                                                        
    6. Date on which issuer notified:                                                                      18 April 2017
                                                                                                                        
    7. Threshold(s) that is/are crossed or                                                                            8%
    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                                      
                                                                                                                        
                    142 513 769       142 513 769 161 548 964   161 548 964             8.3135%                         
                                                                                                                        
    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                                   
                                                                                                                        
    161 548 964                                           8.3135%                                                       
                                                                                                                        
    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:                                                                                WERNER KACHELHOFFER
                                                                                                                        
    15. Contact telephone number:                                                                        +27 21 415 9315
                                                                                              compliance@allangray.co.za