Holding(s) in Company

For filings with the FSA include the annexFor filings with issuer exclude the annexTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying Pan African Resources PLCissuer of existing shares to which voting

rights are attached:

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights XAn acquisition or disposal of qualifying financial instruments which

may 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 rightsOther (pleasespecify):3. Full name of person(s) subject to Shanduka Gold (Pty) Ltdthe notification obligation:4. Full name of shareholder(s) (ifdifferent from 3.):5. Date of the transaction and date 11 January 2013on which the threshold is crossed orreached:6. Date on which issuer notified: 22 February 20137. Threshold(s) that is/are crossed 24.00%or reached:8. Notified details:A: Voting rights attached to sharesClass/type Situation previous Resulting situation afterof to the triggering the triggeringshares transaction transactionif Number Number % of votingpossible Number of Number of rights xusing of Voting of votingthe ISIN Shares Rights shares rightsCODE Direct Direct Indirect Direct IndirectOrdinary 366,168,585 366,168,585 436,358,059 436,358,059 N/A 23.96 N/ASharesB: Qualifying Financial InstrumentsResulting situation after the triggering transaction

Type of financial Expiration Exercise/ Number of voting % of voting

instrument date Conversion Period rights that may be rights acquired if the instrument is exercised/ converted. N/A N/A N/A N/A N/A

C: Financial Instruments with similar economic effect to Qualifying FinancialInstruments

Resulting situation after the triggering transaction Type of Exercise Expiration Exercise/ Number of voting % of voting financial price date Conversion rights instrument rights instrument period refers to Nominal Delta N/A N/A N/A N/A N/A N/A N/ATotal (A+B+C) Number of voting rights Percentage of voting rights 436,358,059 23.96%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable:

N/AProxy 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: Acquisition of shares pursuant to rights offer14. Contact name: Cobus Loots: Managing Director15. Contact telephone number: Tel: +27 11 305 8900 Fax: +27 11 305 8912 cloots@shanduka.co.za