Holding(s) in Company

For filings with the FSA include the annex                                     
                                                                               
For filings with issuer exclude the annex                                      

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                 

1. Identity of the issuer or the underlying      Pan African Resources PLC     
issuer of existing shares to which voting                                      
rights are attached:                                                           

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           Shanduka Gold (Pty) Ltd         
the notification obligation:                                                   
                                                                               
4. Full name of shareholder(s) (if                                             
different from 3.):                                                            
                                                                               
5. Date of the transaction and date                11 January 2013             
on which the threshold is crossed or                                           
reached:                                                                       
                                                                               
6. Date on which issuer notified:                 22 February 2013             
                                                                               
7. Threshold(s) that is/are crossed                    24.00%                  
or reached:                                                                    

8. Notified details:
A: Voting rights attached to shares

Class/type   Situation previous                Resulting situation after            
of            to the triggering                     the triggering                  
shares           transaction                          transaction                   
                                                                                    
                                                                                    
if                       Number                       Number          % of voting   
possible     Number        of        Number             of              rights x    
using          of        Voting        of             voting                        
the ISIN     Shares      Rights      shares           rights                        
CODE                                                                                
                                                                                    
                                     Direct      Direct    Indirect Direct  Indirect
                                                                                    
Ordinary   366,168,585 366,168,585 436,358,059 436,358,059   N/A     23.96    N/A   
Shares                                                                              

B: Qualifying Financial Instruments                                            
                                                                               
Resulting situation after the triggering transaction                           

Type of financial Expiration     Exercise/      Number of voting   % of voting 
   instrument        date    Conversion Period rights that may be    rights    
                                                acquired if the                
                                                 instrument is                 
                                                   exercised/                  
                                                   converted.                  
                                                                               
       N/A           N/A            N/A               N/A              N/A     

C: Financial Instruments with similar economic effect to Qualifying Financial  
Instruments                                                                    
                                                                               
Resulting situation after the triggering transaction                           

   Type of     Exercise Expiration Exercise/  Number of voting    % of voting   
  financial     price      date    Conversion rights instrument      rights     
  instrument                         period       refers to                     
                                                                                
                                                                Nominal   Delta 
                                                                                
     N/A         N/A       N/A        N/A            N/A          N/A      N/A  

Total (A+B+C)                                                                  

        Number of voting rights               Percentage of voting rights      
                                                                               
              436,358,059                               23.96%                 

9. Chain of controlled undertakings through which the voting rights and/or the 
financial instruments are effectively held, if applicable:                     
                                                                               
N/A                                                                            

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:                Acquisition of shares pursuant to   
                                                     rights offer              
                                                                               
14. Contact name:                           Cobus Loots: Managing Director     
                                                                               
15. Contact telephone number:                    Tel: [phone]          
                                                                               
                                                 Fax: [phone]          
                                                                               
                                                 [e-mail]