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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 14 May 2026 of the expiry of the equity
funded transactions entered into by LTS Ventures (Pty) Ltd ("LTS"), an entity associated with the
Chief Executive Officer, Cobus Loots, as previously announced to the market on 14 May 2024.
The expiry of the transactions entailed the following:
• The termination of the pledge and cession over 3,007,222 ordinary shares of 1p each in Pan
African Resources, as security for a ZAR 11,340,187.01 loan advanced to LTS for a term of
2 years from May 2024
• Disposal of 2,609,616 ordinary shares of 1p each in Pan African Resources to, inter alia,
settle the loan and derivative obligations under the collar structure, at a price of ZAR33.03
per share
Following these transactions, Mr Loots has an indirect beneficial interest of 2,187,538 ordinary
shares, representing 0.0937% of the Company's issued share capital and a direct beneficial interest
of 1,148,700 ordinary shares, representing 0.04922% 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: Termination of the pledge and cession
Trade 2: Settlement of collar and financing transaction
through disposal of shares
c) Price(s) and volume(s): Trade 1: Termination of pledge and cession over
3,007,222 shares
Trade 2: Settlement of collar and financing transaction
to the value of ZAR86,058,228.52 through disposal of
2,609,616 shares at a price of ZAR33.03 per share.
d) Aggregated information: Trade 1: No value
Trade 2: Disposal value of ZAR86,195,616.50, of
which a portion was utilised to settle the collar and
financing transaction to the value of
ZAR86,058,228.52
e) Dates of the transactions: Trade 1 and 2: 11 May 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
b) On-market or off-market: Trade 1: Off-market
Trade 2: On-market
c) Clearance given in terms of paragraph 6.83 of the Yes
JSE Listings Requirements:
d) Total value of transactions Trade 1: Market value of the
pledged shares of
ZAR100,050,275.94, based on the
prevailing market price on the JSE
of ZAR33.27 per share on 13 May
2026
Trade 2: Disposal value of
ZAR86,195,616.50, of which a
portion was utilised to settle the
collar and financing transaction to
the value of ZAR86,058,228.52
e) Holding following transactions: Indirect beneficial 2,187,538
ordinary shares
Direct beneficial 1,148,700
ordinary shares
Johannesburg
15 May 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) 63 482 3802 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: 15-05-2026 02:00:00
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