For filings with the FCA include the annexFor filings with issuer exclude the annexTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi1. Identity of the issuer or the underlying issuerof existing shares to which voting rights are Pan African Resources Plcattached:ii2 Reason for the notification (please tick the appropriate box or boxes):An acquisition or disposal of voting rightsAn acquisition or disposal of qualifying financial instruments which may resultin the acquisition of shares already issued to which voting rights are attachedAn acquisition or disposal of instruments with similar economic effect toqualifying financial instrumentsAn event changing the breakdown of voting rightsOther (please Holding decreased below 7% threshold Xspecify):3. Full name of person(s) subject to the Coronation Asset Management (Pty) Ltdnotification obligation:iii4. Full name of shareholder(s) (if different from 3.):iv5. Date of the transaction and date onwhich the threshold is crossed or 25th February 2015reached: v6. Date on which issuer notified: 25th February 20157. Threshold(s) that is/are crossed or 7%reached: vi, vii8. Notified details:A: Voting rights attached to shares viii, ixClass/type of Situation previous Resulting situation after the triggering transactionshares to the triggering transactionif possible Number Number Number Number of voting % of voting rights xusing of of of shares rightsthe ISIN CODE Shares Voting Rights Direct Direct Indirect Direct Indirect xi xiiGB0004300496 135 194 349 127 272 934 6.95%B: Qualifying Financial InstrumentsResulting situation after the triggering transactionType of financial Expiration Exercise/ Number of voting % of votinginstrument date xiii Conversion Period xiv rights that may be rights acquired if the instrument is exercised/ converted.C: Financial Instruments with similar economic effect to Qualifying FinancialInstruments xv, xviResulting situation after the triggering transactionType of financial Exercise Expiration Exercise/ Number of voting rights % of voting rights xix,instrument price date xvii Conversion instrument refers to xx period xviii Nominal DeltaTotal (A+B+C)Number of voting rights Percentage of voting rights127 272 934 6.95%9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxiProxy Voting:10. Name of the proxy holder: Coronation Asset Management (Pty) Ltd11. Number of voting rights proxy holder will ceaseto hold:12. Date on which proxy holder will cease to holdvoting rights:13. Additional information:14. Contact name: Jamie Rowland15. Contact telephone number: +27 21 680 2000Note: Annex should only be submitted to the FCA not the issuerAnnex: Notification of major interests in sharesxxiiA: Identity of the persons or legal entity subject to the notificationobligationFull name(including legal form of legal entities) Coronation Asset Management (Pty) LtdContact address 7th Floor, MontClare Place, Corner of Campground and(registered office for legal entities) Main Roads, Claremont, South Africa, 7708Phone number & email +27 21 680 2000, jrowland@coronation.co.zaOther useful information Coronation Asset Management (Pty) Ltd as investment(at least legal representative for legal persons) manager acts on behalf of various clients holding PAN/ PAFLN in their portfoliosB: Identity of the notifier, if applicableFull name Jamie RowlandContact address 7th Floor, MontClare Place, Corner of Campground and Main Roads, Claremont, South Africa, 7708Phone number & email +27 21 680 2000, jrowland@coronation.co.zaOther useful information Compliance Officer at Coronation Asset Management (Pty)(e.g. functional relationship with the person or Ltdlegal entity subject to the notificationobligation)C: Additional informationFor notes on how to complete form TR-1 please see the FCA website.