Holding(s) in Company

For filings with the FSA 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 Pan African Resources Plcof existing shares to which voting rights areattached:ii ISIN: GB0004300496 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 Investec Asset Management Ltdnotification obligation:iii 4. Full name of shareholder(s) (if different from 3.):iv 5. Date of the transaction and date on 04.07.2013which the threshold is crossed orreached: v 6. Date on which issuer notified: 05.07.2013 7. Threshold(s) that is/are crossed or 5%reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix Class/type of Situation previous Resulting situation after the triggering transactionshares to the triggering transaction if possible Number Number Number Number of voting % of votingusing of of of shares rights rights xthe ISIN CODE Shares Voting Rights Direct Direct Indirect Direct Indirect xi xii Ordinary 1p 93,251,966 93,251,966 88,130,156 4.83%GB0004300496 B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial Expiration Exercise/ Number of voting % of votinginstrument 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 FinancialInstruments xv, xvi Resulting situation after the triggering transaction Type of financial Exercise Expiration Exercise/ Number of voting % of votinginstrument price date Conversion period rights instrument rights xix, xx xvii xviii refers to Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 88,130,156 4.83% 9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will ceaseto hold: 12. Date on which proxy holder will cease to holdvoting rights: 13. Additional information: 14. Contact name: Ian Gartshore 15. Contact telephone number: 020 7597 1825