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 SHARESi                                                                   
                                                                                                                  
                                                                                                                  
                                                                                                                  
1. Identity of the issuer or the underlying issuer                      Pan African Resources Plc                 
of existing shares to which voting rights are                                                                     
attached:ii                                                                 ISIN: GB0004300496                    
                                                                                                                  
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                          Investec Asset Management Ltd                   
notification obligation:iii                                                                                       
                                                                                                                  
4. Full name of shareholder(s)                                                                                    
 (if different from 3.):iv                                                                                        
                                                                                                                  
5. Date of the transaction and date on                                     04.07.2013                             
which the threshold is crossed or                                                                                 
reached: v                                                                                                        
                                                                                                                  
6. Date on which issuer notified:                                          05.07.2013                             
                                                                                                                  
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 of  Situation previous               Resulting situation after the triggering transaction              
shares         to the triggering                                                                                  
               transaction                                                                                        
                                                                                                                  
if possible    Number                Number     Number            Number of voting    % of  voting                
using          of                    of         of shares         rights              rights x                    
the ISIN CODE  Shares                Voting                                                                       
                                     Rights     Direct            Direct   Indirect   Direct   Indirect           
                                                                  xi       xii                                    
                                                                                                                  
Ordinary 1p                                                                                                       
               93,251,966            93,251,966                            88,130,156          4.83%              
GB0004300496                                                                                                      
                                                                                                                  
                                                                                                                  
                                                                                                                  
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     % of voting                
instrument              price       date Conversion period         rights instrument    rights xix, xx             
                                    xvii xviii                     refers to                                       
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                       Nominal         Delta      
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  
Total (A+B+C)                                                                                                     
                                                                                                                  
Number of voting rights                                       Percentage of voting rights                         
                                                                                                                  
88,130,156                                                    4.83%                                               
                                                                                                                  
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:                                                          Ian Gartshore                          
                                                                                                                  
15. Contact telephone number:                                              020 7597 1825