Pan African Regulatory News (PAF)

Pan African Resources PLC (Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000) AIM Code: PAF JSE Code: PAN ISIN: GB0004300496 ISIN for Nil Paid Rights: GB00B85FJG40 ISIN for Fully Paid Rights: GB00B8RCBP62 ("Pan African" or "Company")

Admission of Nil Paid Rights and listing of and trading in Letters ofAllocation

The Board of Pan African Resources plc announces that, in accordance with thedocument to Shareholders, which comprises a Prospectus dated 30 November 2012("Document"), admission of 370,071,902 New Shares to the AIM market of theLondon Stock Exchange and dealings in the Nil Paid Rights and Fully Paid rightsis expected to take place at 8.00 am (London time) today under the tickers PAFNand PAFF respectively.

Definitions used in the Document dated 30 November 2012 shall have the samemeanings when used in this announcement, unless the context requires otherwise.

19 December 2012Johannesburg

Sole Bookrunner and Lead Corporate Adviser and JSE Transaction Sponsor to theRights Offer

One Capital

Independent Sponsor to the Rights Offer

Nedbank Capital

SA Attorneys to the Rights Offer

Cliffe Dekker Hofmeyr Inc.

UK Legal Counsel to the Rights Offer

Fasken Martineau LLPEnquiries South Africa UK Pan African Resources Canaccord Genuity Limited - Nomad and Jan Nelson, Chief Executive Officer Joint Broker +27 (0) 11 243 2900 Rob Collins / Peter Stewart / Sebastian Jones / Joe Weaving +44 (0) 20 7523 8350 One Capital - JSE Transaction finnCap Limited - Joint Broker Sponsor to the Rights Issue Elizabeth Johnson / Joanna Weaving

Sholto Simpson / Megan Young +44 (0) 20 7220 0500 +27 (0) 11 550 5000

Vestor Investor Relations St James's Corporate Services Limited Louise Brugman Phil Dexter +27 (0) 11 787 3015 +44 (0) 20 7499 3916+27 83 504 1186 Gable Communications Justine James +44 (0) 20 7193 7463 +44 (0) 7525 324431

For further information on Pan African, please visit the website atwww.panafricanresources.com

SHAREHOLDER ENQUIRIES

UK Shareholders: contact the UK Shareholder Helpline on 0871 664 0321 (frominside the United Kingdom) or +44 20 8639 3399 (from outside the UnitedKingdom). This Shareholder Helpline is available from 9.00 am to 5.30 pm(London time) Monday to Friday. Calls to the 0871 664 0321 number cost 10 penceper minute (including VAT) plus your service provider's network extras. Callsto the helpline from outside the UK will be charged at applicable internationalrates. Different charges may apply to calls from mobile telephones and callsmay be recorded and randomly monitored for security and training purposes.South African Shareholders: contact the South African Shareholder Helpline on(011) 370 5000 (from inside South Africa) or +27 11 370 5000 (from outsideSouth Africa). This SA Shareholder Helpline is available from 7.30 am to 5.30pm (Johannesburg time) Monday to Friday (except public holidays).Please note that for legal reasons, the South African and UK Shareholderhelplines are only able to provide information contained in the Prospectus andinformation relating to Pan African's register of members and are unable togive advice on the merits of the Rights Offer, or provide legal, financial, taxor investment advice.This announcement is not an advertisement nor a prospectus and investors shouldnot subscribe for or purchase any Nil Paid Rights, Fully Paid Rights, Lettersof Allocation or New Shares referred to in this announcement except on thebasis of information in the Prospectus which, , is expected to be published bythe Company today in connection with the Rights Offer. Copies of the Prospectuswill, following publication, be available from the Company's registered office.This announcement does not constitute, or form part of any offer or invitationto purchase, otherwise acquire, subscribe for, sell, otherwise dispose of orissue, or any solicitation or any offer to sell, otherwise dispose of, issue,purchase, otherwise acquire or subscribe for, any security in the capital ofthe Company in any jurisdiction. Any decision to purchase, otherwise acquire,subscribe for, sell or otherwise dispose of any Provisional Allotment Letter,Nil Paid Rights, Fully Paid Rights, Letters of Allocation and/or New Sharesshould only be made on the basis of information contained in and incorporatedby reference into the Prospectus which contains further details relating to theCompany in general as well as a summary of the risk factors to which aninvestment in the New Shares is subject. Nothing in this announcement should beinterpreted as a term or condition of the Rights Offer. Subject to certainexceptions, the Prospectus will not be available to Shareholders located inExcluded Territories (as defined in the Prospectus). This announcement is notdirected to, or intended for distribution or use by, any person or entity thatis a citizen or resident or located in any locality, state, country or otherjurisdiction where such distribution, publication, availability, or use wouldbe contrary to law or regulation which would require any registration orlicensing within such jurisdiction.This announcement and the information contained herein is not an offer ofsecurities for sale in the United States. The Nil Paid Rights, the Fully PaidRights, the Letters of Allocation, the New Shares and the Provisional AllotmentLetters have not been and will not be registered under the US Securities Act of1933 (the "Securities Act"), or with any securities regulatory authority of anyState or jurisdiction of the United States and may not be offered, sold,resold, pledged, taken up, exercised, renounced or otherwise delivered,distributed or transferred, directly or indirectly, into or within the UnitedStates except pursuant to an exemption from, or in a transaction not subjectto, the registration requirements of the Securities Act and in compliance withany applicable securities laws of any State or other jurisdiction of the UnitedStates. No public offering of the Nil Paid Rights, the Fully Paid Rights, theLetters of Allocation, the New Shares or the Provisional Allotment Letters willbe made in the United States. No money, securities or other consideration fromany person inside the United States is being solicited and, if sent in responseto the information contained in this announcement, will not be accepted.This announcement does not constitute an offer of Nil Paid Rights, Fully PaidRights, Letters of Allocation, New Shares or Provisional Allotment Letters toany person with a registered address in, or who is resident in, Australia,Canada or Japan. None of the Nil Paid Rights, the Fully Paid Rights, theLetters of Allocation, the New Shares, the Provisional Allotment Letters or theForms of Instruction has been or will be registered under the relevant laws ofany state, province or territory of Australia, Canada or Japan. Subject tocertain limited exceptions, neither the Prospectus, the Provisional AllotmentLetter, the Forms of Instruction nor this announcement will be distributed inor into Australia, Canada or Japan. The release, publication or distribution ofthis announcement in certain jurisdictions may be restricted by law andtherefore persons in such jurisdictions into which this announcement isreleased, published or distributed should inform themselves about and observesuch restrictions.

Neither the content of the Company's website (or any other website) nor thecontent of any website accessible from hyperlinks on the Company's website (orany other website) is incorporated into, or forms part of, this announcement.

Unless stated otherwise all definitions in this announcement have the samemeaning as those set out in the Prospectus.