Pan African Resources Regulatory News (PAF)

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 of existing shares to which voting rights are Plc attached: 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 result in the acquisition of shares already issued to which voting rights are attached 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 Investec Asset Management Ltd notification obligation: iii 4. Full name of shareholder(s) (if different from 3.):iv 5. Date of the transaction and date on 15.01.13 which the threshold is crossed or reached: v 6. Date on which issuer notified: 16.01.13 7. Threshold(s) that is/are crossed or 10% reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix Class/type Situation previous Resulting situation after the triggering transactionof to the triggering shares transaction Number Number Number Number of voting % of voting rights xif possible of of of rights using Shares Voting shares the ISIN Rights CODE Direct Direct xi Indirect xii Direct Indirect Ordinary 1p 178,294,866 178,294,866 183,797,521 10.09% GB0004300496 B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of Expiration Exercise/ Number of voting % of voting financial date xiii Conversion Period xiv rights that may be rights instrument acquired if the instrument is exercised/ converted. C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi Resulting situation after the triggering transaction Type of Exercise price Expiration Exercise/ Number of voting rights % of voting rightsfinancial date xvii Conversion instrument refers to xix, xx instrument period xviii Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 183,797,521 10.09%

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: 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: Ian Gartshore 15. Contact telephone number: 020 7597 1825