Holding(s) in Company

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                                             
                                                                                        
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):             Holding decreased below 9% and 8% thresholds       X
                                                                                        
3. Full name of person(s) subject to the           Coronation Asset Management (Pty) Ltd
notification obligation:iii                                                             
                                                                                        
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                                      10th October 2014
reached: v                                                                              
                                                                                        
6. Date on which issuer notified:                                      10th October 2014
                                                                                        
7. Threshold(s) that is/are crossed or                                         9% and 8%
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                                                                                     
                                                                                                             
                                                                                                             
if possible  Number           Number        Number             Number of voting        % of  voting rights x 
using        of               of            of shares          rights                                        
the ISIN     Shares           Voting                                                                         
CODE                          Rights                                                                         
                                            Direct             Direct xi  Indirect xii Direct Indirect       
                                                                                                             
                                                                                                             
GB0004300496 166 880 826                    140 538 942                                7.68%                 
                                                                                                             
                                                                                                             
                                                                                                             
B: Qualifying Financial Instruments                                                                          
                                                                                                             
Resulting situation after the triggering transaction                                                         
                                                                                                             
Type of financial  Expiration      Exercise/                    Number of voting             % of voting     
instrument         date xiii       Conversion Period xiv        rights that may be           rights          
                                                                acquired if the                              
                                                                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 price  Expiration   Exercise/           Number of voting rights    % of voting rights 
financial                     date xvii    Conversion period   instrument refers to       xix, xx            
instrument                                 xviii                                                             
                                                                                                             
                                                                                                             
                                                                                          Nominal Delta       
                                                                                                             
                                                                                                             
                                                                                                             
                                                                                                             
Total (A+B+C)                                                                                                
                                                                                                             
Number of voting rights                             Percentage of voting rights                              
                                                                                                             
140 538 942                                         7.68%                                                    
                                                                                                             
 

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:                      Coronation Asset Management (Pty) Ltd
                                                                                        
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:                                                          Jamie Rowland
                                                                                        
15. Contact telephone number:                                            [phone]
                                                                                        


Note: Annex should only be submitted to the FCA not the issuer                          
                                                                                        
Annex: Notification of major interests in sharesxxii                                    
                                                                                        
                                                                                        
                                                                                        
A: Identity of the persons or legal entity subject to the notification                  
obligation                                                                              
                                                                                        
Full name                                                                               
                                                                                        
(including legal form of legal                     Coronation Asset Management (Pty) Ltd
entities)                                                                               
                                                                                        
                                                                                        
                                                                                        
Contact address                         7th Floor, MontClare Place, Corner of Campground                              (registered office for legal entities)     and Main Roads, Claremont, South Africa, 7708
                                                                                         
                                                                                        
Phone number & email                          [phone], [e-mail] 

                                                                                        
Other useful information                        Coronation Asset Management (Pty) Ltd as  
at least legal representative for          investment manager acts on behalf of various
legal persons)                             clients holding PAN/PAFLN in their portfolios
                                                                                        
                                                                                       
                                                                                        
                                                                                        
B: Identity of the notifier, if applicable                                              
                                                                                        
Full name                                                                 Jamie Rowland              
                                                                          
Contact address                         7th Floor, MontClare Place, Corner of Campground
                                           and Main Roads, Claremont, South Africa, 7708
                                                                                        
                                                                                        
Phone number & email                          [phone], [e-mail]  

                                                                                        
Other useful information                                                                
                                                  Compliance Officer at Coronation Asset
(e.g. functional relationship with the                              Management (Pty) Ltd
person or legal entity subject to the                                                   
notification obligation)                                                                
                                                                                       
                                                                                        
C: Additional information                                                               
  
                                                                                      
For notes on how to complete form TR-1 please see the FCA website.