Holding(s) in Company

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                                                             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                Prudential Portfolio Managers (South Africa)        
notification obligation:iii                                            (Pty) Limited                        
                                                                                                            
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                                      25 April 2013                        
reached: v                                                                                                  
                                                                                                            
6. Date on which issuer notified:                                     06 November 2013                      
                                                                                                            
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   Situation previous               Resulting situation after the triggering transaction          
of           to the triggering                                                                              
shares       transaction                                                                                    
                                                                                                            
             Number               Number      Number      Number of voting            % of  voting rights x 
if possible  of                   of          of shares   rights                                            
using        Shares               Voting                                                                    
the ISIN                          Rights      Direct      Direct xi  Indirect         Direct   Indirect     
CODE                                                                 xii                                    
                                                                                                            
GB0004300496  Below 5%             Below 5%   92,085,446  92,085,446     0             5.03%         0      
                                                                                                            
                                                                                                            
                                                                                                            
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             Exercise      Expiration Exercise/       Number of voting             % of voting rights   
financial           price         date    Conversion      rights instrument            xix, xx              
instrument                        xvii    period xviii    refers to                                         
                                                                                                            
                                                                                                            
                                                                                                            
                                                                                       Nominal         Delta
                                                                                                            
                                                                                                            
                                                                                                            
                                                                                                            
                                                                                                            
Total (A+B+C)                                                                                               
                                                                                                            
Number of voting rights                                 Percentage of voting rights                         
                                                                                                            
92,085,446                                              5.03%                                               
                    
                      
                                                                  
9. Chain of controlled undertakings through which the voting rights and/or the                              
financial instruments are effectively held, if applicable: xxi                                              
                                                                                                            
Prudential Portfolio Managers (South Africa) (Pty) Limited                                                  
                                                                                                            
                                                                                                            
                                                                                                            
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:                                                                                 
                                                        Our current total position is 110,425,505           
                                                        (6.04%) as at                                       
                                                                                                            
                                                        05 November 2013.                                   
                                                                                                            
                                                                                                            
14. Contact name:                                       James Todd  / Mark Thomas                           
                                                                                                            
                                                                                                            
15. Contact telephone number:                           020 7548 2293 / 020 7548 3266