PAN AFRICAN RESOURCES FUNDING COMPANY LIMITED - TR-1: Standard form for notification of major holdings

TR-1: Standard form for notification of major holdings

Pan African Resources PLC                             Pan African Resources Funding Company Limited
(Incorporated and registered in England and Wales     Incorporated in the Republic of South Africa with
under the Companies Act 1985 with registered number   limited liability
3937466 on 25 February 2000)                          Registration number: 2012/021237/06
Share code on LSE: PAF                                Alpha code: PARI
Share code on JSE: PAN
Share code on ASX: PAF
ISIN: GB0004300496
ADR ticker code: PAFRY
(‘Pan African’ or ‘PAF’ or the ‘Company’)


TR-1: Standard form for notification of major holdings

     1. Issuer Details
        ISIN
        GB0004300496
        Issuer Name
        PAN AFRICAN RESOURCES PLC
        UK or Non-UK Issuer
        UK
     2. Reason for Notification
        An acquisition or disposal of voting rights
     3. Details of person subject to the notification obligation
        Name
        Allan Gray Proprietary Limited
        City of registered office (if applicable)
        Cape Town
        Country of registered office (if applicable)
        South Africa
     4. Details of the shareholder
        Full name of shareholder(s) if different from the person(s)
        subject to the notification obligation, above

        City of registered office (if applicable)

        Country of registered office (if applicable)

     5. Date on which the threshold was crossed or reached
        20-Aug-2026
     6. Date on which Issuer notified
        24-Aug-2026
     7. Total positions of person(s) subject to the notification
        obligation

                          % of voting        % of voting         Total of both   Total number of
                          rights attached    rights through      in % (8.A +     voting rights held
                          to shares (total   financial           8.B)            in issuer
                          of 8.A)            instruments
                                             (total of 8.B 1 +
                                             8.B 2)

  Resulting                   5.061600          0.000000          5.061600         123315465
  situation on
  the date on
  which
  threshold was
  crossed or
  reached

  Position of                 4.994300          0.000000          4.994300
  previous
  notification (if
  applicable)

8. Notified details of the resulting situation on the date on which
the threshold was crossed or reached

8A. Voting rights attached to shares

Class/Type of        Number of direct        Number of         % of direct voting % of indirect
shares ISIN          voting rights           indirect voting   rights (DTR5.1)    voting rights
code(if possible)    (DTR5.1)                rights (DTR5.2.1)                    (DTR5.2.1)

GB0004300496           123315465                                 5.061600
Sub Total 8.A
                       123315465                                 5.061600%

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

Type of financial    Expiration Exercise/conversion      Number of voting rights that      % of
instrument           date       period                   may be acquired if the            voting
                                                         instrument is                     rights
                                                         exercised/converted
Sub Total 8.B1

8B2. Financial Instruments with similar economic effect
according to (DTR5.3.1R.(1) (b))
Type of          Expiration   Exercise/conversion     Physical or cash   Number of       % of
financial        date         period                  settlement         voting rights   voting
instrument                                                                               rights
Sub Total 8.B2

9. Information in relation to the person subject to the
notification obligation

1. Person subject to the notification obligation is not controlled by any
   natural person or legal entity and does not control any other
   undertaking(s) holding directly or indirectly an interest in the
   (underlying) issuer.

     Ultimate           Name of       % of voting            % of voting rights         Total of both if it
     controlling person controlled    rights if it equals    through financial          equals or is
                        undertaking   or is higher than      instruments if it equals   higher than the
                                      the notifiable         or is higher than the      notifiable
                                      threshold              notifiable threshold       threshold


     10. In case of proxy voting
         Name of the proxy holder

         The number and % of voting rights held

         The date until which the voting rights will be held

         If date does not apply, explain below


     11. Additional Information

     12. Date of Completion
         24-Aug-2026
     13. Place Of Completion
         Cape Town, South Africa



Johannesburg

24 August 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 and JSE debt sponsor         Joint broker
Ciska Kloppers                           Thomas Rider/Nick Macann
Questco Corporate Advisory Proprietary   BMO Capital Markets Limited
Limited                                  Office: +44 (0)20 7236 1010
Office: + 27 (0) 78 286 9556

                                         Joint broker
                                         Matthew Armitt/Jennifer Lee
                                         Joh. Berenberg, Gossler & Co KG
                                         (Berenberg)
                                         Office: +44 (0)20 3207 7800
Date: 24/08/2026 11:45:00
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