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         Holding decreased below 7% threshold                                             X            
specify):                                                                                                           
                                                                                                                    
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                                                          25th February 2015       
reached: v                                                                                                          
                                                                                                                    
6. Date on which issuer notified:                                                          25th February 2015       
                                                                                                                    
7. Threshold(s) that is/are crossed or                                                                     7%       
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 rights x             
using           of                of          of shares       rights                                                
the ISIN CODE   Shares            Voting                                                                            
                                  Rights      Direct          Direct   Indirect   Direct         Indirect           
                                                              xi       xii                                          
                                                                                                                    
GB0004300496    135 194 349                   127 272 934                         6.95%                             
                                                                                                                    
                                                                                                                    
                                                                                                                    
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 financial  Exercise       Expiration Exercise/        Number of voting rights % of voting rights xix,       
instrument         price          date xvii  Conversion       instrument refers to    xx                            
                                             period xviii                                                           
                                                                                                                    
                                                                                                                    
                                                                                      Nominal           Delta       
                                                                                                                    
                                                                                                                    
                                                                                                                    
                                                                                                                    
                                                                                                                    
Total (A+B+C)                                                                                                       
                                                                                                                    
Number of voting rights                              Percentage of voting rights                                    
                                                                                                                    
127 272 934                                          6.95%                                                          
                                                                                                                    
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 and       
(registered office for legal entities)                              Main Roads, Claremont, South Africa, 7708       
                                                                                                                    
                                                                                                                    
                                                                                                                    
Phone number & email                                                                                                
                                                                   [phone], [e-mail]       
                                                                                                                    
                                                                                                                    
Other useful information                                                                                            
                                                          Coronation Asset Management (Pty) Ltd as investment       
(at least legal representative for legal persons)      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 (Pty)       
(e.g. functional relationship with the person or                                                          Ltd       
legal entity subject to the notification                                                                            
obligation)                                                                                                         
                                                                                                                    
                                                                                                                    
                                                                                                                    
C: Additional information                                                                                           
                                                                                                                    
                                                                                                                    
                                                                                                                    
For notes on how to complete form TR-1 please see the FCA website.