PAN AFRICAN RESOURCES PLC - Directors Dealings in Securities

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 has received notification that the Chairman of the Board Keith
Spencer, disposed of 1,000,000 ordinary shares of 1p each in Pan African Resources on 17 April
2026.

Following these transactions, Mr Spencer has a direct beneficial interest of 2,000,000 ordinary
shares, representing 0.08570% 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:                             Keith Cousins 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:                              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:         Disposal of shares



 c)     Price(s) and volume(s):             Disposal of 1,000,000 shares, at various trading prices
                                            during the course of the day, with the following price
                                            information:
                                                -   VWAP of GBP1.57380505 per share
                                                -   High of GBP1.6082 per share
                                                -   Low of GBP1.5598 per share



 d)   Aggregated information:               Disposal value of GBP1,573,805.04

 e)   Dates of the transactions:            17 April 2026

 f)   Place of the transaction:             London Stock Exchange



Additional information disclosed in accordance with the JSE Listings Requirements:

 a)     Nature of interest of executive:                      Direct beneficial

 b)     On-market or off-market:                              On-market

 c)     Clearance given in terms of paragraph 6.83 of the     Yes
        JSE Listings Requirements:

 d)     Total value of transactions                           GBP1,573,805.04

 e)     Holding following transactions:                       Direct beneficial 2,00,000 ordinary
                                                              shares



Johannesburg

20 April 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: 20-04-2026 04:45:00
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