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 specify): Holding decreased below 6% threshold X3. 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 12th March 2015reached: v6. Date on which issuer notified: 12th March 20157. Threshold(s) that is/are crossed or 6%reached: vi, vii8. Notified details:A: Voting rights attached to shares viii, ixClass/type Situation previous Resulting situation after the triggering transactionof to the triggeringshares transaction Number Number Number Number of voting % of voting rights xif possible of of of shares rightsusing Shares Votingthe ISIN Rights Direct Direct Indirect Direct IndirectCODE xi xiiGB0004300496 115 053 714 109 219 191 5.97%B: Qualifying Financial InstrumentsResulting situation after the triggering transactionType of financial Expiration Exercise/ Number of voting % of votinginstrument Conversion Period xiv rights that may be rights date acquired if the xiii 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 % of voting rightsinstrument price date Conversion period xviii rights instrument xix, xx xvii refers to Nominal DeltaTotal (A+B+C)Number of voting rights Percentage of voting rights109 219 191 5.97%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(registered office for legal entities) and Main Roads, Claremont, South Africa, 7708Phone number & email +27 21 680 2000, jrowland@coronation.co.zaOther useful information Coronation Asset Management (Pty) Ltd as(at least legal representative for legal persons) investment 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(e.g. functional relationship with the person or legal (Pty) Ltdentity subject to the notification obligation)C: Additional informationFor notes on how to complete form TR-1 please see the FCA website.