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                                                               
of existing shares to which voting rights are                                   Pan African Resources Plc        
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 6% threshold                               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                                                         12th March 2015        
reached: v                                                                                                       
                                                                                                                 
6. Date on which issuer notified:                                                         12th March 2015        
                                                                                                                 
7. Threshold(s) that is/are crossed or                                                                 6%        
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   Indirect    Direct    Indirect            
CODE                                                          xi       xii                                       
                                                                                                                 
GB0004300496 115 053 714                    109 219 191                            5.97%                         
                                                                                                                 
                                                                                                                 
                                                                                                                 
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 rights           
instrument             price       date Conversion period xviii  rights instrument     xix, xx                      
                                   xvii                          refers to                                          
                                                                                                                 
                                                                                                                 
                                                                                                                 
                                                                                    Nominal          Delta       
                                                                                                                 
                                                                                                                 
                                                                                                                 
                                                                                                                 
                                                                                                                 
Total (A+B+C)                                                                                                    
                                                                                                                 
Number of voting rights                                 Percentage of voting rights                              
                                                                                                                 
109 219 191                                             5.97%                                                    
                                                                                                                 
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 entities)                            Coronation Asset Management (Pty) Ltd        
                                                                                                                 
                                                                                                                 
                                                                                                                 
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 legal persons)            investment manager acts on behalf of various        
                                                            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 Management        
(e.g. functional relationship with the person or legal                                          (Pty) Ltd        
entity subject to the notification obligation)                                                                   
                                                                                                                 
                                                                                                                 
                                                                                                                 
C: Additional information                                                                                        
                                                                                                                 
                                                                                                                 
                                                                                                                 
For notes on how to complete form TR-1 please see the FCA website.