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 PAN AFRICAN RESOURCES PLCissuer of existing shares to which votingrights are attached: 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 whichmay result in the acquisition of shares already issued to which votingrights are attached An acquisition or disposal of instruments with similar economic effectto qualifying financial instruments An event changing the breakdown of voting rights Other (pleasespecify): 3. Full name of person(s) subject to PUBLIC INVESTMENT CORPORATION LIMITEDthe notification obligation: iii 4. Full name of shareholder(s) (if N/Adifferent from 3.):iv 5. Date of the transaction and date 12 MAY 2014on which the threshold is crossed orreached: v 6. Date on which issuer notified: 19 MAY 2014 7. Threshold(s) that is/are crossed 7%-8%or reached: vi, vii 8. Notified details:A: Voting rights attached to shares viii, ix Class/type of Situation previous Resulting situation aftershares to the triggering the triggering transaction transaction if possible Number Number % of votingusing Number of Number of rights xthe ISIN CODE of Voting of voting Shares Rights shares rights Direct Direct Indirect Direct Indirect xi xii GB0004300496 145,443,715 148,762,413 8.133% 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 rights that may be rights xiv acquired if the instrument is exercised/ converted. C: Financial Instruments with similar economic effect to Qualifying FinancialInstruments xv, xvi Resulting situation after the triggering transaction Type of finan Exercise Expiration Exercise/ Number of voting % of voting cial price date xvii Conversion rights instrument rights xix, xx instrument period refers to xviii Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 148,762,413 8.133% 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 proxyholder will cease to hold: 12. Date on which proxy holder willcease to hold voting rights: 13. Additional information: 14. Contact name: DEVILLIERS MAKOMKO 15. Contact telephone number: 00 267 12 742 3578 Note: Annex should only be submitted to the FSA not the issuer Annex: Notification of major interests in sharesxxii A: Identity of the persons or legal entity subject to the notificationobligation Full name(including legal form of legalentities) Contact address(registered office for legal entities) Phone number & email Other useful information(at least legal representative forlegal persons) B: Identity of the notifier, if applicable Full name Contact address Phone number & email Other useful information(e.g.functional relationship with the personor legal entity subject to thenotification obligation) C: Additional information

For notes on how to complete form TR-1 please see the FSA website.