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 attached: ii

PAN AFRICAN RESOURCES PLC

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		X
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 notification obligation: iii	TRUFFLE ASSET MANAGEMENT (PTY) LTD
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 reached: v	20 APRIL 2016
6. Date on which issuer notified:	20 APRIL 2016
7. Threshold(s) that is/are crossed or reached: vi, vii	5%

8. Notified details:
A: Voting rights attached to shares ^{viii, ix}

Class/type of shares if possible using the ISIN CODE	Situation previous to the triggering transaction		Resulting situation after the triggering transaction
	Number of Shares	Number of Voting Rights	Number of shares	Number of voting rights		% of voting rightsx
			Direct	Direct xi	Indirect xii	Direct	Indirect
GB0004300496	95301018	95301018	96350196	96350196		5.26%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument	Expiration date xiii	Exercise/ Conversion Period xiv	Number of voting rights that may be acquired if the instrument is exercised/ converted.	% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial instrument	Exercise price	Expiration date xvii	Exercise/ Conversion period xviii	Number of voting rights instrument refers to	% of voting rights xix, xx
					Nominal	Delta

Total (A+B+C)

Number of voting rights	Percentage of voting rights
96,350,196	5.26%

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:	TRUFFLE 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:	ETIENNE ROUX
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)	TRUFFLE ASSET MANAGEMENT (PTY) LTD
Contact address (registered office for legal entities)	LANCASTER GATE, HYDE LANE OFFICE PARK, HYDE PARK
Phone number & email	[phone]
Other useful information (at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name	ETIEENE ROUX
Contact address	LANCASTER GATE, HYDE LANE OFFICE PARK, HYDE PARK
Phone number & email	[phone]
Other useful information(e.g. functional relationship with the 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.