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Director’s Dealings in Securities
Pan African Resources PLC Pan African Resources Funding Company
(Incorporated and registered in England and Wales Limited
under the Companies Act 1985 with registered Incorporated in the Republic of South
number 3937466 on 25 February 2000) Africa with limited liability
Share code on LSE: PAF Registration number: 2012/021237/06
Share code on JSE: PAN Alpha code: PARI
ISIN: GB0004300496
ADR ticker code: PAFRY
('Pan African Resources' or the 'Company')
DIRECTOR'S DEALINGS IN SECURITIES
DEALING NOTIFICATION FORM
FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR
CLOSELY ASSOCIATED PERSONS
The Company announces that it received notification on 24 June 2026 that LTS Ventures (Pty) Ltd,
an entity associated with the Chief Executive Officer Cobus Loots, refinanced a collar structure on
Pan African Resources shares entered into on 28 June 2024 and announced on 2 July 2024. As
part of the refinancing, no disposal or acquisition of any Pan African Resources shares occurred.
The refinancing consisted of the following transactions:
• New collar transaction for 500,000 ordinary shares of 1p each in Pan African Resources
• The advance of a loan of ZAR 11,860,000 to settle liabilities under the previous and new
collar structures. The loan has a redemption date of 30 November 2027 with the 500,000
Pan African Resources shares pledged as security for the loan.
Following these transactions, Mr Loots' interest in Pan African Resources shares remains
unchanged. He has an indirect beneficial interest of 2,781,448 ordinary shares, representing
0.1192% of the Company's issued share capital and a direct beneficial interest of 554,790 ordinary
shares, representing 0.0238% of the Company's issued share capital.
The below information and notification are made in accordance with the EU Market Abuse
Regulation and the JSE Listings Requirements.
1. Details of the person
discharging managerial
responsibilities/person closely
associated
a) Name: Cobus Loots
2. Reason for the notification
a) Position/status: Chief Executive Officer
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: 213800EAXURCXMX6RL85
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 Ordinary shares of 1p each
instrument, type of instrument:
Identification code: GB0004300496
b) Nature of the transaction: Trade 1: Collar Structure
Trade 2: Security for a loan
c) Price(s) and volume(s): Trade 1: Collar structure over 500,000 shares. Put
option strike price (bought) ZAR23.72 per share. Call
option strike price (sold) ZAR33.61 per share
Trade 2: Pledged 500,000 shares as security for a loan
of ZAR11,860,000
d) Aggregated information: Trade 1: Collar Structure
Trade 2: Loan value of R11,860,000. Market value of
the shares transferred of GBP 520,000, based on the
closing market price on the LSE of GBP 1.04 per share
on 23 June 2026
e) Dates of the transactions: Trade 1: 23 June 2026
Trade 2: 23 June 2026
f) Place of the transactions: Trade 1 and 2: Johannesburg Stock Exchange
Additional information disclosed in accordance with the JSE Listings Requirements:
a) Nature of interest of executive: Trade 1 and 2: Indirect beneficial
interest
b) On-market or off-market: Trade 1 and 2: Off-market
c) Clearance given in terms of paragraph 6.83 of the Yes
JSE Listings Requirements:
d) Total value of transactions Trade 1: No premium
Trade 2: Loan value of
ZAR11,860,000. Market value of
the shares pledged as security of
ZAR11,425,000, based on the
closing market price on the JSE of
ZAR22.85 per share on 23 June
2026
e) Holding following transactions: Indirect beneficial 2,781,448
ordinary shares
Direct beneficial 554,790 ordinary
shares
Johannesburg
25 June 2026
For further information on Pan African, please visit the Company's website at
www.panafricanresources.com
Corporate information
Corporate Office Registered Office
The Firs Building 107 Cheapside, 2nd Floor
2nd Floor, Office 204 London, EC2V 6DN
Corner Cradock and Biermann Avenues United Kingdom
Rosebank, Johannesburg Office: + 44 (0)20 3869 0706
South Africa jane.kirton@corpserv.co.uk
Office: + 27 (0)11 243 2900
info@paf.co.za
Chief Executive Officer Financial Director and debt officer
Cobus Loots Marileen Kok
Office: + 27 (0)11 243 2900 Office: + 27 (0)11 243 2900
Head: Investor Relations Website: www.panafricanresources.com
Hethen Hira
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za
Company Secretary Joint Broker
Jane Kirton Ross Allister/Georgia Langoulant
St James's Corporate Services Limited Peel Hunt LLP
Office: + 44 (0)20 3869 0706 Office: +44 (0)20 7418 8900
JSE Sponsor & JSE Debt Sponsor Joint Broker
Ciska Kloppers Thomas Rider/Nick Macann
Questco Corporate Advisory Proprietary Limited BMO Capital Markets Limited
Office: + 27 (0) 78 286 9556 Office: +44 (0)20 7236 1010
Joint Broker
Matthew Armitt/Jennifer Lee
Joh. Berenberg, Gossler & Co KG
(Berenberg)
Office: +44 (0)20 3207 7800
Date: 25-06-2026 09:30:00
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