Transaction in Own Shares

Pan African Resources PLC

(Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 3937466 on 25 February 2000)

Share code on AIM: PAF

Share code on JSE: PAN

ISIN: GB0004300496

ADR ticker code: PAFRY

(“Pan African” or the “Company” or the “Group”)

PAN AFRICAN RESOURCES PLC TRANSACTION IN OWN SHARES

Pan African, the South African gold producer, announces that on 11 April 2022, in accordance with the terms of its share buyback programme announced on 1 April 2022 (the “Programme”) it purchased the following number of ordinary shares of £0.01 each in the Company (“Ordinary Shares”) through Peel Hunt LLP (“Peel Hunt”) and RMB Morgan Stanley (“RMBMS”). The shares purchased will be cancelled.

Date of purchases	11 April 2022
Aggregate number of Ordinary Shares purchased	1,184,922
London Stock Exchange (“LSE”) purchases
Number of Ordinary Shares purchased on LSE	341,350
Lowest price paid per share (pence per share):	22.2
Highest price paid per share (pence per share):	22.2
Volume weighted average price paid per share (pence per share):	22.2
Johannesburg Stock Exchange (“JSE”) purchases
Number of Ordinary Shares purchased on JSE	843,572
Lowest price paid per share (ZAr per share):	417.0
Highest price paid per share (ZAr per share):	425.0
Volume weighted average price paid per share (ZAr per share):	422.1

Following the purchase, the Company will have 2,233,083,624 Ordinary Shares of £0.01 each in issue, of which 306,358,058 Ordinary Shares are held in treasury.

The above figure of 2,233,083,624 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

In accordance with Article 5(1)(b) of the UK version of Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, the tables below contain detailed information of the individual trades made by Peel Hunt as part of the Programme. The same information is also included for the trades made by RMBMS.

Individual transactions on LSE:

Number of shares purchased	Transaction price (pence per share)	Time of transaction	Execution venue
341,350	22.2	15:32:00	LSE

Individual transactions on JSE:

Number of shares purchased	Transaction price (ZAr per share)	Time of transaction	Execution venue
6,282	425.00	13:47:31	JSE
7,241	425.00	13:47:31	JSE
6,310	425.00	13:47:31	JSE
3,536	425.00	13:47:31	JSE
6,993	424.00	13:47:33	JSE
4,506	421.00	13:54:13	JSE
4,249	424.00	14:00:42	JSE
7,697	423.00	14:04:02	JSE
3,684	423.00	14:04:02	JSE
7,636	423.00	14:09:28	JSE
4,415	423.00	14:09:28	JSE
7,549	423.00	14:09:28	JSE
18,984	425.00	15:47:44	JSE
19,508	425.00	15:47:44	JSE
20,807	425.00	15:47:44	JSE
18,196	425.00	15:47:44	JSE
6,027	425.00	15:49:17	JSE
16,242	425.00	15:51:28	JSE
21,808	424.00	15:52:16	JSE
7,615	423.00	15:53:33	JSE
17,297	422.00	15:53:46	JSE
4,716	421.00	15:54:51	JSE
6,930	420.00	15:56:29	JSE
43,408	422.00	16:00:57	JSE
29,113	421.00	16:02:54	JSE
21,965	420.00	16:04:15	JSE
15,980	422.00	16:04:24	JSE
3,762	421.00	16:04:48	JSE
4,682	421.00	16:06:05	JSE
8,675	423.00	16:15:57	JSE
3,574	423.00	16:15:57	JSE
13,063	423.00	16:15:57	JSE
1,144	423.00	16:15:57	JSE
12,249	423.00	16:15:57	JSE
8,262	423.00	16:15:57	JSE
4,085	423.00	16:15:57	JSE
10,000	423.00	16:15:57	JSE
10,275	422.00	16:16:08	JSE
4,465	422.00	16:16:08	JSE
4,039	422.00	16:16:08	JSE
4,693	422.00	16:16:08	JSE
31,067	421.00	16:16:11	JSE
2,656	421.00	16:16:11	JSE
2,434	421.00	16:16:12	JSE
2,237	421.00	16:16:12	JSE
14,503	420.00	16:17:38	JSE
3,546	420.00	16:26:18	JSE
3,996	420.00	16:26:45	JSE
3,576	420.00	16:26:58	JSE
3,846	420.00	16:27:12	JSE
4,055	420.00	16:27:32	JSE
3,467	420.00	16:27:50	JSE
3,657	420.00	16:28:04	JSE
4,079	420.00	16:28:33	JSE
3,843	420.00	16:28:41	JSE
3,526	420.00	16:28:56	JSE
3,569	420.00	16:29:12	JSE
4,203	420.00	16:29:28	JSE
3,896	420.00	16:29:58	JSE
4,181	420.00	16:30:10	JSE
3,546	420.00	16:30:24	JSE
4,181	422.00	16:30:44	JSE
3,826	420.00	16:30:57	JSE
28,154	419.00	16:31:09	JSE
27,252	419.00	16:31:09	JSE
27,027	419.00	16:31:09	JSE
22,452	419.00	16:31:09	JSE
27,577	419.00	16:31:09	JSE
4,061	418.00	16:31:24	JSE
3,477	417.00	16:31:45	JSE
7,056	423.00	16:37:21	JSE
7,733	424.00	16:48:26	JSE
11,600	424.00	16:49:32	JSE
15,000	424.00	16:49:32	JSE
7,162	424.00	16:49:32	JSE
10,000	424.00	16:49:39	JSE
1,233	424.00	16:49:39	JSE
10,000	424.00	16:49:39	JSE
18,576	424.00	16:49:40	JSE
23,936	424.00	16:49:51	JSE
10,825	424.00	16:49:51	JSE
3,379	424.00	16:49:51	JSE
12,520	424.00	16:49:51	JSE
15,000	424.00	16:49:51	JSE

The information contained in this update is the responsibility of the Pan African board of directors and has not been reviewed or reported on by the Group’s external auditors.

Rosebank

12 April 2022

For further information on Pan African, please visit the Company's website at

www.panafricanresources.com

Corporate information
Corporate office The Firs Office Building 2nd Floor, Office 204 Corner Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office:  + 27 (0) 11 243 2900 [e-mail]	Registered Office Suite 31 Second Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0) 20 7796 8644
Chief executive officer Cobus Loots  Office: + 27 (0) 11 243 2900	Financial director Deon Louw Office: + 27 (0) 11 243 2900
Head: Investor relations Hethen Hira Tel: + 27 (0)11 243 2900 E-mail: [e-mail]	Website: www.panafricanresources.com
Company secretary Phil Dexter/Jane Kirton St James's Corporate Services Limited Office: + 44 (0) 20 7796 8644	Nominated Adviser and Joint Broker Ross Allister/Alexander Allen Peel Hunt LLP Office: [phone]
JSE Sponsor Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: + 27 (0) 11 011 9200	Joint Broker Thomas Rider/Nick Macann BMO Capital Markets Limited Office: [phone]