TR-1: Standard form for notification of major holdings Pan African Resources PLC (Incorporated and registered in England and Wales under UK Companies Act 2006 with registered number 3937466 on 25 February 2000) Share code on AIM: PAF Share code on JSE: PAN ISIN: GB0004300496 ADR code: PAFRY (“Pan African” 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 event changing the breakdown of voting 3. Details of person subject to the notification obligation Name Ruffer LLP City of registered office (if applicable) London Country of registered office (if applicable) United Kingdom 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 26-Nov-2021 6. Date on which Issuer notified 30-Nov-2021 7. Total positions of person(s) subject to the notification obligation % of voting % of voting rights rights Total of Total number through financial . attached to both in % of voting rights instruments (total shares (total (8.A + 8.B) held in issuer of 8.B 1 + 8.B 2) of 8.A) Resulting situation on the date on which threshold 4.490957 0.000000 4.490957 100358862 was crossed or reached Position of 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 % of indirect shares ISIN code voting rights indirect voting voting rights voting rights (if possible) (DTR5.1) rights (DTR5.2.1) (DTR5.1) (DTR5.2.1) GB0004300496 100358862 0 4.490957 0.000000 Sub Total 8.A 100358862 4.490957% 8B1. Financial Instruments according to (DTR5.3.1R.(1) (a)) Number of voting rights that % of Type of financial Expiration Exercise/conversion may be acquired if the voting instrument date period 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 % of Expiration Exercise/conversion Physical or cash Number of financial voting date period settlement voting rights 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. % of voting % of voting rights Total of both if rights if it through financial Ultimate Name of it equals or is equals or is instruments if it controlling controlled higher than the higher than the equals or is higher person undertaking notifiable notifiable than the notifiable threshold 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 11. Additional Information Ruffer LLP now controls the voting rights over 100,358,862 shares (Less than 5% of the voting rights) of Pan African Resources plc which are held by the discretionary clients of Ruffer LLP and its subsidiaries (the voting of which is all controlled by Ruffer LLP). This change from 5% to less than 5% is due to a correction in issued share capital of the issuer on 26 November 2021. 12. Date of Completion 30-Nov-2021 13. Place Of Completion Ruffer LLP Rosebank 1 December 2021 For further information on Pan African Resources, please visit the Company's website at www.panafricanresources.com Contact information Corporate Office Registered Office The Firs Office Building Suite 31 2nd Floor, Office 204 Second Floor Cnr. Cradock and Biermann Avenues 107 Cheapside Rosebank, Johannesburg London South Africa EC2V 6DN Office: + 27 (0)11 243 2900 United Kingdom info@paf.co.za Office: + 44 (0)20 7796 8644 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/Jane Kirton Ross Allister/Alexander Allen St James's Corporate Services Limited Peel Hunt LLP Company Secretary Joint Broker Office: + 44 (0)20 7796 8644 Office: +44 (0)20 7418 8900 Ciska Kloppers Thomas Rider/Nick Macann Questco Corporate Advisory Proprietary Limited BMO Capital Markets Limited JSE Sponsor Joint Broker Office: + 27 (0)11 011 9200 Office: +44 (0)20 7236 1010 Hethen Hira Website: www.panafricanresources.com Pan African Resources PLC Head: Investor Relations Tel: + 27 (0)11 243 2900 E-mail: hhira@paf.co.za Date: 01-12-2021 10:05:00 Produced by the JSE SENS Department. 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