PAN AFRICAN RESOURCES PLC - Directors dealings in securities

Director’s dealings in securities

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
(“Pan African” or the “Company”)

DIRECTOR’S DEALINGS IN SECURITIES

DEALING NOTIFICATION FORM
FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND
THEIR CLOSELY ASSOCIATED PERSONS

1.    Details of the person discharging
      managerial responsibilities/person
      closely associated
a)    Name:                                       Keith Cousens Spencer
2.    Reason for the notification
a)    Position/status:                            Chairman
b)    Initial notification/Amendment:             Initial notification
3.    Details of the issuer, emission allowance
      market participant, auction platform,
      auctioneer or auction monitor
a)    Company name:                               Pan African Resources PLC
b)    LEI:                                        213800EAXURCXM6RL85
4.    Details of the transaction(s): section to
      be repeated for (i) each type of
      instrument; (ii) each type of
      transaction; (iii) each date; and (iv)
      each place where transactions have
      been conducted
a)    Description of the financial instrument,    Ordinary shares of 1pence each
      type of instrument:
                                                  Identification code: GB0004300496

b)    Nature of the transactions:                 Share Transfer from the Strode Trust into
                                                  the name of KC Spencer
c)    Price(s) and volume(s):                     Price(s)               Volume(s)
                                                  N/A                    3,000,000
d)    Aggregated information:                     Total                  Volume(s)
                                                  N/A                    3,000,000
e)   Date of the transaction:                     17 October 2018
f)   Place of the transaction:                    Outside a Trading Venue

Additional information disclosed in accordance with the JSE Listings Requirements:

a)     Nature of interest of executive:                    Direct Beneficial
b)     On-market or off-market:                            Off-market
c)     Clearance given in terms of paragraph 3.66 of the   Yes
       JSE Listings Requirements:
d)     Holding following transactions:                     3,000,000
e)     Deemed value:                                       ZAR5,250,000

Johannesburg

19 October 2018

Contact information
Corporate Office                                  Registered Office
The Firs Office Building                          Suite 31
1st Floor, Office 101                             Second Floor
Cnr. Cradock and Biermann Avenues                 107 Cheapside
Rosebank, Johannesburg                            London
South Africa                                      EC2V 6DN
Office: + 27 (0) 11 243 2900                      United Kingdom
Facsimile: + 27 (0) 11 880 1240                   Office: + 44 (0) 207 796 8644
                                                  Facsimile: + 44 (0) 207 796 8645

Cobus Loots                                       Deon Louw
Pan African Resources PLC                         Pan African Resources PLC
Chief Executive Officer                           Financial Director
Office: + 27 (0) 11 243 2900                      Office: + 27 (0) 11 243 2900

Phil Dexter                                       John Prior / Paul Gillam
St James's Corporate Services Limited             Numis Securities Limited
Company Secretary                                 Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                     Office: +44 (0) 20 7260 1000

Taryn Carter                                      Ross Allister/ James Bavister / David
One Capital                                       McKeown
JSE Sponsor                                       Peel Hunt LLP
Office: + 27 (0) 11 550 5030                      Joint Broker
                                                  Office: +44 (0) 207 418 8900

Julian Gwillim                                    Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                    BMO Capital Markets Limited
Public & Investor Relations SA                    Joint Broker
Office: +27 (0)11 880 0037                        Office: +44 (0) 207 236 1010

Bobby Morse and Chris Judd                        Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
paf@buchanan.uk.com

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