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 issuerof existing shares to which voting rights are PAN AFRICAN RESOURCES PLCattached:ii 2 Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights X An acquisition or disposal of qualifying financial instruments which may resultin the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect toqualifying financial instruments An event changing the breakdown of voting rights Other (please specify): 3. Full name of person(s) subject to the PUBLIC INVESTMENT CORPORATION LIMITEDnotification obligation:iii 4. Full name of shareholder(s) N/A (if different from 3.):iv 5. Date of the transaction and date onwhich the threshold is crossed or 7 October 2014reached: v 6. Date on which issuer notified: 8 October 2014 7. Threshold(s) that is/are crossed or 8%reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix Class/ Situation previous Resulting situation after the triggering transactiontype of to the triggeringshares transaction if Number Number Number Number of voting % of voting rights xpossible of of of shares rightsusing Shares Votingthe ISIN RightsCODE Indirect Direct Direct xi xii Direct Indirect PAN 148762413 144696442 7.907% B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of Expiration Exercise/ Number of voting % of votingfinancial date xiii Conversion Period xiv rights that may be rightsinstrument acquired if the instrument is exercised/ converted. NONE N/A N/A N/A N/A C: Financial Instruments with similar economic effect to Qualifying FinancialInstruments xv, xvi Resulting situation after the triggering transaction Type of Exercise Expiration Exercise/ Number of voting rights % of votingfinancial price date xvii Conversion instrument refers to rights xix, xxinstrument period xviii Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 144696442 7.907% 9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi N/A Proxy Voting: 10. Name of the proxy holder: N/A 11. Number of voting rights proxy holder will cease N/Ato hold: 12. Date on which proxy holder will cease to hold N/Avoting rights: 13. Additional information: N/A 14. Contact name: DEVILLIERS MAKONKO 15. Contact telephone number: 012 742 3578