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PAN - PAN AFRICAN RESOURCES PLC - Pan African Resources establishes Sponsored American Depository Receipt (ADR) Programme

2020/07/02 09:07:00
Pan African Resources establishes Sponsored American Depository Receipt (ADR) Programme

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African Resources" or "the Company")


PAN AFRICAN RESOURCES ESTABLISHES SPONSORED AMERICAN DEPOSITORY RECEIPT (ADR) PROGRAMME

Pan African Resources' shareholders are advised that the Company has established a sponsored Level
-1 ADR programme today on the over-the-counter market in the United States (US) with the Bank of
New York Mellon (BNY Mellon) being the appointed Depository.

Each depository receipt in the ADR programme represents twenty (20) ordinary shares in Pan African
Resources and trades under the symbol ‘PAFRY'.

Pan African Resources CEO Cobus Loots said: "Pan African has a strong shareholder base in South
Africa and in the United Kingdom. By establishing the ADR programme, the Company will make
investing in its shares even more accessible to international investors, particularly the US investor
market. Furthermore, Pan African joins a number of its peers which have successfully implemented
an ADR programme."

Pan African Resources has a dual listing on the Main Board of the Johannesburg Stock Exchange in
South Africa (JSE:PAN) and AIM Market of the London Stock Exchange in the UK (AIM:PAF).

Rosebank
02 July 2020

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
[email protected]                                        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                               John Prior
St James's Corporate Services Limited                 Numis Securities Limited
Company Secretary                                     Nominated Adviser and Joint Broker
Office: + 44 (0)20 7796 8644                          Office: +44 (0)20 7260 1000

Ciska Kloppers                                        Ross Allister/David McKeown
Questco Corporate Advisory Proprietary Limited        Peel Hunt LLP
JSE Sponsor                                           Joint Broker
Office: + 27 (0)11 011 9200                           Office: +44 (0)20 7418 8900

Hethen Hira                                           Thomas Rider/Neil Elliot
Pan African Resources PLC                             BMO Capital Markets Limited
Head : Investor Relations                             Joint Broker
Tel: + 27 (0)11 243 2900                              Office: +44 (0)20 7236 1010
E-mail: [email protected]

Website: www.panafricanresources.com

Date: 02-07-2020 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Update on Group Operations amid COVID-19 Lockdown Regulations

2020/05/11 09:07:00
Update on Group Operations amid COVID-19 Lockdown Regulations

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African Resources" or "the Company" or "the Group")


UPDATE ON OPERATIONS AMID COVID-19 NATIONAL LOCKDOWN REGULATIONS, NEW FY2020
PRODUCTION GUIDANCE AND UPDATE ON GROUP DEBT REDUCTION

Update on Group Operations and COVID-19 National Lockdown Regulations

As previously communicated to shareholders, on 9 April 2020, the South African government
announced an extension of the National Lockdown period ("Lockdown Extension"), enacted in terms
of the South African Disaster Management Act ("the Regulations") from 16 April 2020 to 30 April 2020,
in an ongoing effort to curtail the spread of the COVID-19 (coronavirus) pandemic.

The Regulations pertaining to the Lockdown Extension provided for a phased ramp-up of mining
capacity to 50% of normalised production during the lockdown period, provided that all the
preventative and mitigating controls were in place to curtail the spread of the COVID-19 virus. In
response to these amendments, the Group implemented plans to recall 50% of its employees at the
Company's Barberton Mines and Evander Mines surface and underground operations ("Group
Operations").

On 23 April 2020, the South African government announced that the country would be entering a
period of phased lifting of the lockdown restrictions from 1 May 2020, resulting in the previous Level-
five hard lockdown, that commenced on 27 March 2020, being reduced to a Level-four lockdown.
Level-four lockdown restrictions require a risk-based and gradual approach to recalling employees. It
enables open cast mines and surface operations to operate at up to 100% of normal capacity, and all
other mines at 50% capacity.

In response to this announcement, the Group commenced the recall of permitted employees for the
phased recommencing of Group Operations in compliance with legal requirements, with all the
required safety protocols and procedures in place.

The recall of employees at the Group's Operations in terms of these Level-four lockdown regulations
is now well advanced, with the surface operations at the Elikhulu Tailings Retreatment Plant and the
Barberton Tailings Retreatment Plant producing at close to full capacity from early May 2020.

Revised FY2020 Production Guidance

As announced on 30 March 2020, the Group suspended its original FY2020 production guidance of
185,000oz as a result of the anticipated COVID-19 impact on the Group's mining operations.

As expected, production at the Group's operations was severely affected during the lockdown months
of March and April 2020. The Group was however able to mitigate some of the impact through
continued mining activities at its surface operations, which was staffed by a materially reduced
employee complement, and also with limited high-grade underground mining at Barberton Mines.
The Group is now in a position to advise shareholders that it expects the revised gold production for
the 2020 financial year to be approximately 176,000oz, including capitalised production from the #8
Shaft Pillar operation.

The revised production guidance is a decrease of only 5% from the previous guided production of
185,000oz, due to the Group's ability to increase output from surface toll treatment and low grade
surface stockpile processing initiatives, in substitution of underground production. The substituted
production was however at a reduced margin, when compared to normal margins earned on ounces
produced from underground.

The revised production guidance is based, inter-alia, on the assumptions that the Group can continue
surface operations at close to maximum capacity for the remainder of the 2020 financial year and
underground operations continuing at 50% of personnel capacity, consistent with current Level-four
restrictions.

The approximate split of expected full year gold production between operations is as follows:

                                                    Full Year
 Production ounce profile:
 Barberton Mines - Underground:                       64,000
 Barberton Tailings Retreatment Plant:                21,000
 Evander Mines - Underground and tolling:             31,000
 Elikhulu:                                            59,000
 Total ounces produced:                              175,000


Statement of Financial Position

The Group remained cashflow positive during the lockdown period. Assuming that the prevailing ZAR
gold price of approximately ZAR1 million/kg (approximately USD1,680/oz) can be sustained for the
remainder of the 2020 financial year, the Group is expected to reduce its senior interest-bearing debt
(including the outstanding gold loan balance), net of projected available cash, to approximately ZAR1.3
billion (USD70 million) assuming an exchange rate of ZAR/USD:18.50 from ZAR1.8 billion (USD129
million) at 30 June 2019. This represents a reduction in senior interest-bearing debt of 23% and 28%
relative to the debt levels at 31 December 2019 and 30 June 2019, respectively.

In light of the Group's elevated senior debt levels at inception of the 2020 financial year, a number of
short-term zero-cost collar hedges were entered into during the course of the 2020 financial year to
underpin the Group's cashflows and its ability to redeem its senior debt. The remaining hedges for the
2020 and 2021 financial year are detailed hereunder:

                                           2 Months                   6 Months
                                   1 May 2020 - 30 June 2020      1 July 2020 - 31 Dec 2020
 Ounces hedged:                              21,820                          50,000
 Average floor price - R/Kg:                683,226                         708,000
 Average ceiling price - R/Kg:              847,109                         925,829

Importantly, the Group is unhedged post 31 December 2020.

COVID-19 Programme of Relief and Assistance (CPR)

As previously communicated, the Group initiated a CPR programme to assist with alleviating the
adverse impact of the COVID-19 pandemic in its host communities and for its employees. The
   programme commenced at the end of April 2020 with the distribution of food and hygiene hampers
   to its employees, contractors and vulnerable families in communities in close proximity to the Group's
   operations. The programme's rollout will continue during May 2020 and approximately 5,400 hampers
   will be provided with a total value of almost R5 million during the current phase of the programme.

   In the light of the ongoing pandemic, the Group will continue its initiatives to assist some of its most
   vulnerable stakeholders in the months ahead.

   "It is crucial for the country's economy to be restarted and the phased approach adopted by the
   government to achieve this is practical in fighting the pandemic and enabling businesses and
   communities to survive during this tumultuous period. We have implemented preventative and
   precautionary measures at our operations to ensure the health and well-being of employees as they
   return to work, and we look forward to working with all stakeholders in the operational ramp-up. We
   expect that we still have a long battle ahead against COVID-19, however, I wish to commend all of our
   employees for the manner in which they have worked together during this period. The strategic
   repositioning of our Group some years ago, as a safe and high-margin producer with multiple
   operations and the flexibility to withstand short-term external shocks, should continue to serve all
   stakeholders well." commented Cobus Loots, CEO of Pan African Resources.

   Pan African Resources will continue to provide shareholders with updates on progress at its operations
   as further information becomes available.

   Rosebank

   11 May 2020



   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

[email protected]                                          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                                 John Prior

St James's Corporate Services Limited                   Numis Securities Limited

Company Secretary                      Nominated Adviser and Joint Broker

Office: + 44 (0)20 7796 8644                            Office: +44 (0)20 7260 1000

Ciska Kloppers                                          Ross Allister/David McKeown

Questco Corporate Advisory Proprietary Limited          Peel Hunt LLP

JSE Sponsor                                             Joint Broker

Office: + 27 (0)11 011 9200                         Office: +44 (0)20 7418 8900

Hethen Hira                                             Thomas Rider/Neil Elliot
Pan African Resources PLC                               BMO Capital Markets Limited

Head : Investor Relations                               Joint Broker

Tel: + 27 (0)11 243 2900                                Office: +44 (0)20 7236 1010

E-mail: [email protected]

Website: www.panafricanresources.com

Date: 11-05-2020 08:59:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Notification of major holdings

2020/04/17 09:39:00
Notification of major holdings

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN


Notification of major holdings


  1a. Identity of the issuer or the underlying issuer
                Pan African Resources Plc
  of existing shares to which voting rights are attachedii:
  1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
  Non-UK issuer

  2. Reason for the notification (please mark the appropriate box or boxes with an "X")

  An acquisition or disposal of voting rights              X

  An acquisition or disposal of financial instruments

  An event changing the breakdown of voting rights

  Other (please specify)iii:

  3. Details of person subject to the notification obligationiv
                                                           Coronation Asset Management (Pty) Ltd acting as dis
  Name                                                     cretionary investment manager on behalf of managed
                                                           portfolios.
  City and country of registered office (if applicable)    Cape Town, South Africa

  4. Full name of shareholder(s) (if different from 3.)v

  Name                                                     N/A

  City and country of registered office (if applicable)

  5. Date on which the threshold was crossed or
                                                           17/04/2020
  reachedvi:

  6. Date on which issuer notified (DD/MM/YYYY):           17/04/2020



                                                                                                          1
7. Total positions of person(s) subject to the notification obligation
             % of voting rights
                          % of voting rights at-                                                             Total number of
                                                    through financial instru-       Total of both in %
                          tached to shares (to-                                                              voting rights of is-
                                                     ments                   (8.A + 8.B)
                               tal of 8. A)                                                                  suervii
                                                     (total of 8.B 1 + 8.B 2)
Resulting situation
on the date on which
                          2.34       2.34                       2 234 687 537
threshold was
crossed or reached
Position of previous
notification (if          3.81                                                    3.81
applicable)


8. Notified details of the resulting situation on the date on which the threshold was crossed or
reachedviii
A: Voting rights attached to shares
Class/type of             Number of voting rightsix                           % of voting rights
shares
ISIN code (if possible)           Direct                  Indirect                       Direct                    Indirect
                              (Art 9 of Directive     (Art 10 of Directive          (Art 9 of Directive        (Art 10 of Directive
                           2004/109/EC) (DTR5.1)        2004/109/EC)             2004/109/EC) (DTR5.1)           2004/109/EC)
                                                          (DTR5.2.1)                                               (DTR5.2.1)

GB0004300496              52 325 517                                                     2.34




SUBTOTAL 8. A                               52 325 517                                                2.34




B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
                                                                             Number of voting rights
Type of financial in-     Expiration       Exercise/                         that may be acquired if
                                                                                                             % of voting rights
strument                  datex            Conversion Periodxi               the instrument is
                                                                             exercised/converted.




                                           SUBTOTAL 8. B 1
       B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive
       2004/109/EC (DTR5.3.1.1 (b))
                                         Exercise/             Physical or
       Type of financial     Expiration                                                      Number of
                                                 Conversion Pe-        cash                                     % of voting rights
       instrument            datex                                                           voting rights
                                                 riod xi               settlementxii




                                                                       SUBTOTAL
                                                                       8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")
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 xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity xiv     X
(please add additional rows as necessary)
                                                                    % of voting rights
                                 % of voting rights if it                                            Total of both if it
                                                                  through financial in-
                                  equals or is higher                                               equals or is higher
          Namexv                                                  struments if it equals
                                  than the notifiable                                               than the notifiable
                                                                  or is higher than the
          threshold                                                        threshold
                                                                   notifiable threshold
Coronation Fund Managers
Ltd
Coronation Investment
Management SA (Pty) Ltd
Coronation Asset Manage-
                                             2.34                                                             2.34
ment (Pty) Ltd




10. In case of proxy voting, please identify:
Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held
11. Additional informationxvi




   Place of completion      Cape Town, South Africa

   Date of completion       17 April 2020


Johannesburg
17 April 2020

Sponsor: Questco Corporate Advisory Proprietary Limited

Date: 17-04-2020 09:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Standard form for notification of major holdings

2020/04/14 12:40:00
TR-1: Standard form for notification of major holdings

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN



TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft
Word format if possible)i

1a. Identity of the issuer or the underlying issuer
                                                                                       Pan African Resources Plc
of existing shares to which voting rights are at-
tachedii:
1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights                                                                X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv
                                                   Coronation Asset Management (Pty) Ltd acting as dis-
Name                                                     cretionary investment manager on behalf of managed
                                                           portfolios.
City and country of registered office (if applicable)    Cape Town, South Africa

4. Full name of shareholder(s) (if different from 3.)v

Name                                                     N/A

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or
                                                           14/04/2020
reachedvi:

6. Date on which issuer notified (DD/MM/YYYY):           14/04/2020

7. Total positions of person(s) subject to the notification obligation
                                                        % of voting rights
                          % of voting rights at-                                                             Total number of
                                                    through financial instru-       Total of both in %
                          tached to shares (to-                  voting rights of is-
                                                               ments                   (8.A + 8.B)
                               tal of 8. A)                                                                  suervii
                                                     (total of 8.B 1 + 8.B 2)
Resulting situation
on the date on which
                          3.81%                                                   3.81%                      2 234 687 537
threshold was
crossed or reached
Position of previous
notification (if          4.79%                                                   4.79%
applicable)


8. Notified details of the resulting situation on the date on which the threshold was crossed or
reachedviii
A: Voting rights attached to shares
Class/type of             Number of voting rightsix                            % of voting rights
shares
ISIN code (if possible)           Direct                  Indirect                      Direct                    Indirect
                              (Art 9 of Directive     (Art 10 of Directive          (Art 9 of Directive       (Art 10 of Directive
                           2004/109/EC) (DTR5.1)        2004/109/EC)             2004/109/EC) (DTR5.1)          2004/109/EC)
                                                          (DTR5.2.1)                                              (DTR5.2.1)

GB0004300496              85 220 319                                                    3.81%




SUBTOTAL 8. A                               85 220 319       3.81%




B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
                                                                             Number of voting rights
Type of financial in-     Expiration       Exercise/                         that may be acquired if
                     % of voting rights
strument                  datex            Conversion Periodxi               the instrument is
                                                                             exercised/converted.




                                           SUBTOTAL 8. B 1
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive
2004/109/EC (DTR5.3.1.1 (b))
                                          Exercise/             Physical or
Type of financial     Expiration                                                     Number of
                                          Conversion Pe-        cash                                     % of voting rights
instrument            datex                                                          voting rights
                                          riod xi               settlementxii




                                                                SUBTOTAL
                                                                8.B.2




9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")
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 xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity xiv    X
(please add additional rows as necessary)
                                                                    % of voting rights
                                 % of voting rights if it                                            Total of both if it
                                                                  through financial in-
                                  equals or is higher                                  equals or is higher
          Namexv                                                  struments if it equals
                                  than the notifiable                                               than the notifiable
                                                                  or is higher than the
                                       threshold                                                       threshold
                                                                   notifiable threshold
Coronation Fund Managers
Ltd
Coronation Investment
Management SA (Pty) Ltd
Coronation Asset Manage-
                                            3.81%                                                            3.81%
ment (Pty) Ltd
10. In case of proxy voting, please identify:
Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held



11. Additional informationxvi




Place of completion       Cape Town, South Africa

Date of completion        14 April 2020



Johannesburg
14 April 2020

Sponsor: Questco Corporate Advisory Proprietary Limited

Date: 14-04-2020 12:33:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Further update regarding the COVID-19 National Lockdown and status of Group operations

2020/04/14 12:24:00
Further update regarding the COVID-19 National Lockdown and status of Group operations

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African Resources" or "the Company" or "the Group")


FURTHER UPDATE REGARDING THE COVID-19 NATIONAL LOCKDOWN AND STATUS OF GROUP
OPERATIONS

Shareholders are referred to the Company's announcements of 24 and 30 March 2020, following the
regulations announced by President Cyril Ramaphosa on Monday 23 March 2020, and enacted in
terms of the South African Disaster Management Act ("the Regulations"), which required a 21-day
national lockdown, effective midnight 26 March 2020 to midnight 16 April 2020 ("the National
Lockdown"), in an effort to contain the spread of the COVID-19 (coronavirus) pandemic.

On 9 April 2020, following 14 days of the initial lockdown period, President Ramaphosa announced
that the country's National Coronavirus Command Council has decided to extend the lockdown period
by a further two weeks beyond the initial 21-days, resulting in the existing lockdown measures
remaining in force until 30 April 2020.

Pan African Resources remains committed to all government efforts to contain the spread of COVID-
19. The Group will continue with preventative measures for the spread and detection of COVID-19 at
all its operations, while continuing to undertake essential services during the National Lockdown, as
detailed in the Group's announcement of 30 March 2020.

As part of these essential services, the Group has obtained authorisation from the South African
Department of Mineral Resources and Energy to conduct surface re-mining and processing activities
on a reduced scale, subject to compliance with and adherence to all relevant Regulations and
applicable legislation. This includes the Group's Elikhulu Tailings Retreatment Plant and at its
Barberton Tailings Retreatment Plant (collectively, the "Group surface operations"), and limited
underground mining operations at Barberton Mines.

The Group surface operations are currently operating at approximately 70 per cent of normal
production capacity, but with a much reduced workforce. Operating with such a reduced workforce is
possible, for a limited time, as a result of the highly automated nature of the surface operations.
Barberton Mines is currently also able to produce the required minimum feed for its BIOX ® processing
plant, thus ensuring the continued integrity of this system. Of the Group's total staff and contractor
complement, only 26 per cent (excluding security staff) are involved in rendering essential services at
these operations. Updated guidance for the 2020 financial year will be communicated to shareholders
after the National Lockdown has terminated, and once the Group is in a position to quantify the extent
and duration of the operational disruptions during this time.

As previously communicated in the Company's announcement dated 24 March 2020, the Group's
liquidity position remains robust. Credit approval from Rand Merchant Bank has been obtained to
defer the last three tranches of the existing gold loan's redemption, constituting 5,000 ounces
(equivalent to U$7.8m), to the first quarter of the 2021 financial year. The Group's banking consortium
has also confirmed its support for the Company should further liquidity be required.
The COVID-19 pandemic has had a severe adverse economic and social impact on stakeholders
involved in the Group's operations and throughout the country. The Group has commenced with
support programmes, in addition to its existing community initiatives, to assist stakeholders to
alleviate hardships in the areas around its operations. These support programmes include food
hampers and hygiene products for employees and specific communities. As a further initiative,
potable water will be distributed by the mine's water tankers to affected communities in Barberton,
in collaboration with the local municipality, for the duration of the National Lockdown.

Cobus Loots, CEO of Pan African Resources, commented as follows: "We are fully supportive of the
actions announced by President Cyril Ramaphosa to reduce the impact of the COVID-19 pandemic,
while at the same time implementing support measures to assist stakeholders around our operations.
The health and well-being of our employees and communities remains our number one priority, and
the measures that we have implemented enable essential services and operations to be maintained."

Pan African Resources will continue to provide shareholders with regular updates regarding
developments at Group operations during this time.

Rosebank
14 April 2020


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

[email protected]                                   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                          John Prior

St James's Corporate Services Limited            Numis Securities Limited

Company Secretary                           Nominated Adviser and Joint Broker

Office: + 44 (0)20 7796 8644                     Office: +44 (0)20 7260 1000

Ciska Kloppers                                   Ross Allister/David McKeown

Questco Corporate Advisory Proprietary Limited   Peel Hunt LLP

JSE Sponsor                                      Joint Broker

Office: + 27 (0)11 011 9200                      Office: +44 (0)20 7418 8900

Investor Relations                               Thomas Rider/Neil Elliot
Hethen Hira                                      BMO Capital Markets Limited
Tel: + 27 11 243 2900                            Joint Broker
E-mail: [email protected]
                                                 Office: +44 (0)20 7236 1010

Website: www.panafricanresources.com

Date: 14-04-2020 10:01:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Update regarding the 21-Day Covid-19 Lockdown and impact on Group operations

2020/03/30 09:09:00
Update regarding the 21-Day Covid-19 Lockdown and impact on Group operations

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African Resources" or "the Company" or "the Group")


UPDATE REGARDING THE 21-DAY COVID-19 LOCKDOWN AND IMPACT ON GROUP OPERATIONS

Further to the Company's announcement on 24 March 2020, Pan African Resources informs
shareholders that the Company has implemented the necessary measures at all its operations
to conduct essential services during the 21-day lockdown period (the "National Lockdown").

The Group's actions are consistent with the regulations announced by President Cyril
Ramaphosa on Monday 23 March 2020, and enacted in terms of the South African Disaster
Management Act ("the Regulations"), as well as with additional applicable regulations and
requirements pertinent to the National Lockdown. The Regulations are effective midnight 26
March 2020 to midnight 16 April 2020, in an effort to contain the spread of the COVID-19
(coronavirus) pandemic.

Essential services specific to affected Pan African Resources' operations include security
services, pumping and ventilation activities, metallurgical plant maintenance, inspection of
underground workings, management and monitoring of tailings deposition facilities, waste
management and water treatment facilities and other health and safety related services.

As part of essential services, the Group is also currently conducting limited surface re-mining
and processing activities at its Elikhulu Tailings Retreatment Plant and at its Barberton Tailings
Retreatment Plant (collectively the "Group surface operations"). The Group surface
operations are currently operating at approximately 70 per cent of normal capacity. Barberton
Mines will, in the next few days, endeavour to resume limited operations at certain high-grade
sections of its Fairview operation to ensure the required minimum feed for its BIOX ®
processing plant.

Pan African Resources supports and is committed to all government efforts to contain the
spread of COVID-19. Of the Group's total staff and contractor complement, only 20 per cent
(excluding security staff) are involved in the essential services detailed above. Employees
and contractors not required for essential services will remain at home for the duration of the
National Lockdown, as required by the Regulations.

Further measures to reduce the risk of COVID-19 contamination of essential service personnel
include the following:

          -   Where possible, relevant staff members are housed in dedicated, restricted-access
              housing facilities for the duration of the lockdown;
          -   Continuous screening and monitoring, including thermal temperature monitoring, of
              staff members for COVID-19 symptoms have been implemented;
          -   Standby medical support; and
          -   Rigorous social distancing and sterilisation/hygiene protocols, which are in place.

The South African Department of Mineral Resources and Energy has approved the Group's
planned activities during the National Lockdown, subject to compliance with and adherence to
all relevant Regulations and applicable legislation.
The COVID-19 pandemic is expected to have a severe adverse economic and social impact
on stakeholders involved in the Group's operations. The Group will, in the coming weeks,
embark upon initiatives to assist stakeholders in this regard in the areas in which we operate.

Updated guidance for the 2020 financial year will be communicated to shareholders after the
National Lockdown has concluded, once the Group is in a position to quantify the extent and
duration of the operational disruptions during this time.

Cobus Loots, CEO of Pan African Resources, commented: "In this time of crisis, we are
heartened by the manner in which all stakeholders in the mining industry are collaborating.
Pan African Resources recognises that the adverse effects of the COVID-19 pandemic will be
severe and far reaching. The impact will be even more pronounced in areas with limited
resources and poverty. Recognising the economic and social hardship that communities and
employees will experience during the National Lockdown, the Company will embark on
support programmes, in addition to our existing initiatives, to alleviate this hardship.


Pan African Resources will continue to provide shareholders with regular updates regarding
developments at Group operations."

Rosebank
30 March 2020

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
[email protected]                                     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                            John Prior
St James's Corporate Services Limited              Numis Securities Limited
Company Secretary                                  Nominated Adviser and Joint Broker
Office: + 44 (0)20 7796 8644                       Office: +44 (0)20 7260 1000
Ciska Kloppers                                     Ross Allister/David McKeown
Questco Corporate Advisory Proprietary Limited     Peel Hunt LLP
JSE Sponsor                                        Joint Broker
Office: + 27 (0)11 011 9200                        Office: +44 (0)20 7418 8900
Julian Gwillim                                     Thomas Rider/Neil Elliot
Aprio Strategic Communications                     BMO Capital Markets Limited
Public & Investor Relations SA                     Joint Broker
Office: +27 (0)11 880 0037                         Office: +44 (0)20 7236 1010
Website: www.panafricanresources.com

Date: 30-03-2020 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Announcement regarding South African 21-Day Lockdown and suspension of 2020 Production Guidance

2020/03/24 09:35:00
Announcement regarding South African 21-Day Lockdown and suspension of 2020 Production Guidance

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African Resources" or "the Company" or "the Group")



ANNOUNCEMENT REGARDING SOUTH AFRICAN 21-DAY LOCKDOWN AND SUSPENSION OF 2020 PRODUCTION GUIDANCE


    Shareholders are referred to the South African Government directive of Monday evening, 23
    March 2020, enacted in terms of the South African Disaster Management Act (the "Order"), which
    requires a 21-day national lockdown, effective midnight 26 March 2020 to midnight 16 April 2020
    (the "National Lockdown"), in order to contain the spread of the COVID-19 (coronavirus)
    pandemic.       The     full   Government      announcement      can     be     found      at
    http://www.thepresidency.gov.za.

    The National Lockdown requires all non-essential businesses and activities to be suspended,
    with people confined to their homes. The lockdown will therefore impact all South African mining
    operations, including the operations of Pan African Resources. Under the Order, "companies
    whose operations require continuous processes such as furnaces or underground mine
    operations will be required to make arrangements for care and maintenance to avoid damage to
    their continuous operations".

    The health and safety of its employees and communities are of paramount importance to Pan
    African and the Group has already implemented a number of measures to mitigate the risk of the
    Covid-19 virus spreading at its operations. The Group is implementing contingency plans to
    ensure that all operations are safeguarded and secured during the National Lockdown period.
    The Group is also engaging with all stakeholders, including the South African Government, to
    obtain further detail on permitted activities during the National Lockdown.

    The Group's liquidity position is robust, with immediately available facilities of U$20m. In addition,
    Rand Merchant Bank has already agreed, subject to final credit approval, to defer the last three
    tranches of the existing gold loan's redemption, constituting 5000 ounces (U$7.8m), to the first
    quarter of the 2021 financial year. Furthermore, the Group has access to an additional gold loan
    facilities of approximately U$11m, should it be required. In the event that the National Lockdown
    is extended for a prolonged period, the Company will look to reschedule its short term senior debt
    obligations. The Company's banking Consortium has also confirmed its support for the Group
    should further liquidity be required during this period.

    In consideration of the National Lockdown and its impact on the Group's operations, FY2020
    production guidance is suspended until the Company is in a better position to quantify the full
    impact of the lockdown. The Company will continue to monitor the situation, and will inform
    shareholders as new information becomes available.

    Cobus Loots, CEO of Pan African Resources, commented: "Pan African supports all measures
    to limit the impact of COVID-19 on the people of South Africa. Even though the National
    Lockdown will impact negatively on our operational performance in the short term, our Group is
    well positioned and our operations robust. In South African Rand terms, the gold price is now at
    a record level, and we look forward to resuming full-scale operations to the benefit of all of our
    stakeholders as soon as it is possible and safe to do so".

Rosebank
24 March 2020



For further information on Pan African, 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
[email protected]                                   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                          John Prior
St James's Corporate Services Limited            Numis Securities Limited
Company Secretary                                Nominated Adviser and Joint Broker
Office: + 44 (0)20 7796 8644                     Office: +44 (0)20 7260 1000
Ciska Kloppers                                   Ross Allister/David McKeown
Questco Corporate Advisory Proprietary Limited   Peel Hunt LLP
JSE Sponsor                                 Joint Broker
Office: + 27 (0)11 011 9200                      Office: +44 (0)20 7418 8900
Julian Gwillim                                   Thomas Rider/Neil Elliot
Aprio Strategic Communications                   BMO Capital Markets Limited
Public & Investor Relations SA                   Joint Broker
Office: +27 (0)11 880 0037                       Office: +44 (0)20 7236 1010
Website: www.panafricanresources.com

Date: 24-03-2020 09:28:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Pan African Resources Covid-19 Prevention Measures

2020/03/20 09:08:00
Pan African Resources Covid-19 Prevention Measures

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African Resources" or "the Company")



PAN AFRICAN RESOURCES COVID-19 PREVENTION MEASURES


Pan African Resources wishes to inform shareholders that a range of awareness, risk mitigation
and prevention strategies have been rolled out across all of its operations amid the escalating
COVID-19 (coronavirus) pandemic. Currently, all of the Group's operations continue to function
as normal.

Cobus Loots, Pan African Resources CEO, commented: "Following the calls by President Cyril
Ramaphosa, who declared COVID-19 a national disaster, we have put numerous measures in
place to create awareness of the threat and to also combat any spread of the virus. We have also
informed employees of the actions to be taken for prevention and mitigation of COVID-19."

The Company will continue to monitor the situation, and will be pro-active in managing any impact
on our people and operations.

Rosebank
20 March 2020



For further information on Pan African, 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
[email protected]                                   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                          John Prior
St James's Corporate Services Limited            Numis Securities Limited
Company Secretary                                Nominated Adviser and Joint Broker
Office: + 44 (0)20 7796 8644                     Office: +44 (0)20 7260 1000
Ciska Kloppers                                   Ross Allister/David McKeown
Questco Corporate Advisory Proprietary Limited   Peel Hunt LLP
JSE Sponsor                                      Joint Broker
Office: + 27 (0)11 011 9200                      Office: +44 (0)20 7418 8900
Julian Gwillim                                   Thomas Rider/Neil Elliot
Aprio Strategic Communications                   BMO Capital Markets Limited
Public & Investor Relations SA                   Joint Broker
Office: +27 (0)11 880 0037                       Office: +44 (0)20 7236 1010
Website: www.panafricanresources.com

Date: 20-03-2020 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Director's dealings in securities

2020/03/19 16:09:00
Director's dealings in securities

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
(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

1.      Details of the person discharging managerial
        responsibilities/person closely associated

a)      Name:                                              Paul van Heerden



2.      Reason for the notification

a)      Position/status:                                   Prescribed Officer - Evander Gold
                                                           Mining Proprietary Limited

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 instrument, type of   Ordinary shares of 1p each
        instrument:

                                                           Identification code: GB0004300496

b)      Nature of the transaction:                         Acquisition of ordinary shares

c)      Price(s), volume(s) and date(s) of trade(s):       14,245 at R2.23 - 13 March 2020
                                                           10,000 at R1.99 - 19 March 2020




d)      Aggregated information:                            R51,666.35
 e)     Place of the transaction:                          Johannesburg Stock Exchange



Additional information disclosed in accordance with the JSE Listings Requirements:

 a)     Nature and extent of interest of executive:         Direct Beneficial

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

 c)     Clearance given in terms of paragraph 3.66 of the   Yes
        JSE Listings Requirements:

 d)     Holding following transactions:                     24,245



Johannesburg
19 March 2020

Sponsor: Questco Corporate Advisory Proprietary Limited

Date: 19-03-2020 04:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Standard form for notification of major holdings

2020/03/18 17:53:00
TR-1: Standard form for notification of major holdings

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("the Company")


TR-1: Standard form for notification of major holdings

 NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in
 Microsoft Word format if possible)i

 1a. Identity of the issuer or the underlying
 issuer of existing shares to which voting                            Pan African Resources plc
 rights are attachedii:
 1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
 Non-UK issuer

 2. Reason for the notification (please mark the appropriate box or boxes with an "X")

 An acquisition or disposal of voting rights                                                      X
 An acquisition or disposal of financial instruments

 An event changing the breakdown of voting rights

 Other (please specify)iii:

 3. Details of person subject to the notification obligationiv
 Name                       Ruffer LLP
 City and country of registered office (if applicable)   London, United Kingdom
 4. Full name of shareholder(s) (if different from 3.)v

 Name

 City and country of registered office (if applicable)

 5. Date on which the threshold was crossed
                                                         16 March 2020
 or reachedvi:
 6. Date on which issuer notified
                                                       18 March 2020
 (DD/MM/YYYY):
   7. Total positions of person(s) subject to the notification obligation
                                                             % of voting rights
                             % of voting rights                                                                         Total number of
                                   through financial                Total of both in %
                             attached to shares                                                                         voting rights of
                                                                instruments                      (8.A + 8.B)
                                (total of 8. A)                                                     issuervii
                                                          (total of 8.B 1 + 8.B 2)
   Resulting situation
   on the date on which
   threshold was
                           5%                            0%                                 5%                          2,234,687,537
   crossed or reached
   Position of previous
   notification (if        N/A                           N/A                                N/A
   applicable)


8. Notified details of the resulting situation on the date on which the threshold was crossed
or reachedviii
A: Voting rights attached to shares
Class/type of             Number of voting rightsix                                   % of voting rights
shares
ISIN code (if possible)           Direct                     Indirect                          Direct                     Indirect
                             (Art 9 of Directive         (Art 10 of Directive              (Art 9 of Directive       (Art 10 of Directive
                          2004/109/EC) (DTR5.1)            2004/109/EC)                 2004/109/EC) (DTR5.1)          2004/109/EC)
                      (DTR5.2.1)                                                  (DTR5.2.1)

GB00BHB1XR83              112,710,483               0                                 5%                           0%
SUBTOTAL 8. A                              112,710,483                                                       5%


B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1
(a))
                                                                                 Number of voting rights
Type of financial         Expiration       Exercise/                             that may be acquired if
                                                                                                                   % of voting rights
instrument                datex         Conversion Periodxi                   the instrument is
                                                                                 exercised/converted.
N/A                       N/A              N/A                                   N/A                               N/A

                                           SUBTOTAL 8. B 1                       N/A                               N/A



B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of
Directive 2004/109/EC (DTR5.3.1.1 (b))
                                           Exercise/                Physical or
Type of financial    Expiration                                                               Number of
                                           Conversion               cash                                 % of voting rights
instrument           datex                                                                    voting rights
                                           Period xi                settlementxii
      N/A                  N/A                     N/A                          N/A                  N/A                   N/A

                                      SUBTOTAL                                               N/A
                                                                    8.B.2                            N/A
 9. Information in relation to the person subject to the notification obligation (please mark
 the
 applicable box with an "X")
 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) issuerxiii             X
 Full chain of controlled undertakings through which the voting rights and/or the
 financial instruments are effectively held starting with the ultimate controlling natural person or legal entity xiv
 (please add additional rows as necessary)
                                                                   % of voting rights
                                   % of voting rights if            through financial                Total of both if it
                                  it equals or is higher             instruments if it              equals or is higher
           Namexv
                                    than the notifiable            equals or is higher              than the notifiable
                                        threshold                  than the notifiable                  threshold
                                                                        threshold
 N/A                             N/A                              N/A                             N/A




 10. In case of proxy voting, please identify:
 Name of the proxy holder                                         N/A

 The number and % of voting rights held                           N/A

 The date until which the voting rights will be
                                                                  N/A
 held


 11. Additional informationxvi
 Ruffer LLP now controls the voting rights over 112,710,483 shares (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 less than 5% to 5% is due to a purchase of 2,000,000 shares by Ruffer LLP on 16 March 2020.


 Place of completion          Ruffer LLP

 Date of completion           18/03/2020

Johannesburg
18 March 2020

Sponsor: Questco Corporate Advisory Proprietary Limited

Date: 18-03-2020 05:45:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Standard form for notification of major holdings

2020/03/12 14:11:00
TR-1: Standard form for notification of major holdings

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("the Company")


TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft
Word format if possible)i

1a. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are at-        Pan African Resources plc
tachedii:
1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights                                                     X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv
Name                                                     Investec Ltd
City and country of registered office (if applicable)    Johannesburg, South Africa

4. Full name of shareholder(s) (if different from 3.)v

Name

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or
                                                         05/03/2020
reachedvi:

6. Date on which issuer notified (DD/MM/YYYY):           12/03/2020
7. Total positions of person(s) subject to the notification obligation
                                                        % of voting rights
                          % of voting rights at-                                                            Total number of
                                                    through financial instru-         Total of both in %
                          tached to shares (to-                                                             voting rights of is-
                                                               ments                     (8.A + 8.B)
                               tal of 8. A)                                                                 suervii
                                                     (total of 8.B 1 + 8.B 2)
Resulting situation
on the date on which
threshold was
                          5.5336                    N/A                             5.5336                  123,658,292
crossed or reached
Position of previous
notification (if          N/A                       N/A                             N/A
applicable)


8. Notified details of the resulting situation on the date on which the threshold was crossed or
reachedviii
A: Voting rights attached to shares
Class/type of             Number of voting rightsix                              % of voting rights
shares
ISIN code (if possible)            Direct                   Indirect                      Direct                    Indirect
                              (Art 9 of Directive       (Art 10 of Directive          (Art 9 of Directive      (Art 10 of Directive
                           2004/109/EC) (DTR5.1)          2004/109/EC)             2004/109/EC) (DTR5.1)          2004/109/EC)
                                                            (DTR5.2.1)                                              (DTR5.2.1)

GB0004300496              123,658,292               0                            5.5336                     0




SUBTOTAL 8. A




B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
                                                                               Number of voting rights
Type of financial in-     Expiration        Exercise/                          that may be acquired if
                        % of voting rights
strument                  datex             Conversion Periodxi                the instrument is
                                                                               exercised/converted.




                                            SUBTOTAL 8. B 1
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive
2004/109/EC (DTR5.3.1.1 (b))
                                         Exercise/             Physical or
Type of financial    Expiration                                                      Number of
                                         Conversion Pe-        cash                                     % of voting rights
instrument           datex       voting rights
                                         riod xi               settlementxii




                                                               SUBTOTAL
                                                               8.B.2




9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")
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 xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv
(please add additional rows as necessary)
                                                                   % of voting rights
                                 % of voting rights if it                                           Total of both if it
                                                                 through financial in-
                                  equals or is higher                           equals or is higher
          Namexv                                                 struments if it equals
                                  than the notifiable                                              than the notifiable
                                                                 or is higher than the
                                       threshold                                            threshold
                                                                  notifiable threshold

10. In case of proxy voting, please identify:
Name of the proxy holder

The number and % of voting rights held
The date until which the voting rights will be held



11. Additional informationxvi

Place of completion

Date of completion


Rosebank
12 March 2020

JSE Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 12-03-2020 02:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Notification of major holdings statement

2020/03/10 11:22:00
Notification of major holdings statement

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("the Company")



TR-1: Standard form for notification of major holdings

  NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft
  Word format if possible)i

  1a. Identity of the issuer or the underlying issuer
                                                                                       Pan African Resources Plc
  of existing shares to which voting rights are at-
  tachedii:
  1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
  Non-UK issuer

  2. Reason for the notification (please mark the appropriate box or boxes with an "X")

  An acquisition or disposal of voting rights                                                                 X

  An acquisition or disposal of financial instruments

  An event changing the breakdown of voting rights

  Other (please specify)iii:

  3. Details of person subject to the notification obligationiv
        Coronation Asset Management (Pty) Ltd acting as dis-
  Name                                                     cretionary investment manager on behalf of managed
                                                           portfolios.
  City and country of registered office (if applicable)    Cape Town, South Africa

  4. Full name of shareholder(s) (if different from 3.)v

  Name                                           N/A

  City and country of registered office (if applicable)

  5. Date on which the threshold was crossed or
                                                           10/03/2020
  reachedvi:

  6. Date on which issuer notified (DD/MM/YYYY):           10/03/2020



                1
7. Total positions of person(s) subject to the notification obligation
                                                        % of voting rights
                          % of voting rights at-                                                               Total number of
                                                    through financial instru-         Total of both in %
                      tached to shares (to-                                                                voting rights of is-
                                                               ments                     (8.A + 8.B)
                               tal of 8. A)                                                                    suervii
                                                     (total of 8.B 1 + 8.B 2)
Resulting situation
on the date on which
                          4.79%                                                     4.79%                      2 234 687 537
threshold was
crossed or reached
Position of previous
notification (if          5.86%                                                     5.86%
applicable)


8. Notified details of the resulting situation on the date on which the threshold was crossed or
reachedviii
A: Voting rights attached to shares
Class/type of             Number of voting rightsix                            % of voting rights
shares
ISIN code (if possible)           Direct                  Indirect                        Direct                    Indirect
                              (Art 9 of Directive     (Art 10 of Directive           (Art 9 of Directive       (Art 10 of Directive
                           2004/109/EC) (DTR5.1)        2004/109/EC)               2004/109/EC) (DTR5.1)          2004/109/EC)
                                                          (DTR5.2.1)                                                (DTR5.2.1)

GB0004300496              107 147 335                                                     4.79%




SUBTOTAL 8. A                               107 147 335                                                4.79%




B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
                                                                             Number of voting rights
Type of financial in-     Expiration       Exercise/                         that may be acquired if
                                                                                                            % of voting rights
strument                  datex            Conversion Periodxi               the instrument is
                                                                             exercised/converted.




                                           SUBTOTAL 8. B 1                   NIL                            NIL




                                                                                                                              2
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive
2004/109/EC (DTR5.3.1.1 (b))
                                         Exercise/             Physical or
Type of financial    Expiration                                                      Number of
                                         Conversion Pe-        cash                                     % of voting rights
instrument           datex                                                           voting rights
                                         riod xi               settlementxii




                                                     SUBTOTAL
                                                               8.B.2




9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")
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 xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv       X
(please add additional rows as necessary)
                                                                   % of voting rights
                                 % of voting rights if it                                           Total of both if it
                                                                 through financial in-
                                  equals or is higher                                              equals or is higher
          Namexv        struments if it equals
                                  than the notifiable                                              than the notifiable
                                                                 or is higher than the
                                       threshold                                                       threshold
                notifiable threshold
Coronation Fund Managers
Ltd
Coronation Investment
Management SA (Pty) Ltd
Coronation Asset Manage-
                                           4.79%                                                            4.79%
ment (Pty) Ltd




10. In case of proxy voting, please identify:
Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held




                                                                                                                      3
11. Additional informationxvi




Place of completion          Cape Town, South Africa

Date of completion           10 March 2020

Annex: Notification of major holdings (to be filed with the FCA only)



A: Identity of the person subject to the notification obligation

Full name (including legal form for legal entities)                            Coronation Asset Management (Pty) Ltd


                                                                 7th Floor, Montclare Place, Corner of Campground and
Contact address (registered office for legal entities)
                                                                             Main Roads, Claremont, South Africa, 7708

E-Mail                                                                                      [email protected]

Phone number / Fax number                                                                               +27 21 680 2000

                                                                Coronation Asset Management (Pty) Ltd as investment
Other useful information
                                                               manager acts on behalf of various clients holding PAN in
(at least legal representative for legal persons)
                                                                                                          their portfolios



B: Identity of the notifier, if applicable

Full name                                                                 Cheryl Govender

                                                                 7th Floor, Montclare Place, Corner of Campground and
Contact address
                                                                             Main Roads, Claremont, South Africa, 7708

E-Mail                            [email protected]

Phone number / Fax number                                                                               +27 21 680 2000

Other useful information (e.g. functional relationship with
                                                                  Compliance Officer at Coronation Asset Management
the person or legal entity subject to the notification obli-
                                                                                                            (Pty) Ltd
gation)




                                                                                                                  4
C: Additional information




Rosebank
10 March 2020
Sponsor: Questco Corporate Advisory Proprietary Limited




                             5

Date: 10-03-2020 11:10:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Directors dealings in securities

2020/03/09 12:40:00
Directors dealings in securities

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
(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

 1.      Details of the person discharging managerial
         responsibilities/person closely associated

 a)      Name:                                              Cobus Loots



 2.      Reason for the notification

 a)      Position/status:                                   Chief Executive Officer

 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 instrument, type of   Ordinary shares of 1p each
         instrument:

                                                            Identification code: GB0004300496

 b)      Nature of the transaction:                         Acquisition of ordinary shares

 c)      Price(s) and volume(s):                            80,072
                                                            GBP0.1252




 d)     Aggregated information:                             GBP10,025.01
 e)     Date of the transaction:                            6 March 2020

 f)     Place of the transaction:                           London Stock Exchange


Additional information disclosed in accordance with the JSE Listings Requirements:

 a)     Nature and extent of interest of executive:          Direct Beneficial

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

 c)     Clearance given in terms of paragraph 3.66 of the    Yes
        JSE Listings Requirements:

 d)     Holding following transactions:                      1,571,747



Johannesburg

9 March 2020
Sponsor: Questco Corporate Advisory Proprietary Limited

Date: 09-03-2020 12:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Directors dealings in securities

2020/02/24 16:12:00
Directors dealings in securities

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
(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

 1.      Details of the person discharging managerial
         responsibilities/person closely associated

 a)      Name:                                              Thabo Mosololi



 2.      Reason for the notification

 a)      Position/status:                                   Independent non-executive director

 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 instrument, type of   Ordinary shares of 1p each
         instrument:

       Identification code: GB0004300496

 b)      Nature of the transaction:                         Acquisition of ordinary shares

 c)      Price(s) and volume(s):                            50,000
                                                            R2.40




 d)     Aggregated information:                            R120,000
 e)     Date of the transaction:                           21 February 2020

 f)     Place of the transaction:                          Johannesburg Stock Exchange



Additional information disclosed in accordance with the JSE Listings Requirements:

 a)     Nature and extent of interest of executive:          Direct Beneficial

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

 c)     Clearance given in terms of paragraph 3.66 of the    Yes
        JSE Listings Requirements:

 d)     Holding following transactions:                      100,000



Johannesburg
24 February 2020
Sponsor: Questco Corporate Advisory Proprietary Limited

Date: 24-02-2020 04:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Directors dealings in securities

2020/02/24 11:49:00
Directors dealings in securities

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("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

 1.      Details of the person discharging managerial
         responsibilities/person closely associated

 a)      Name:                                              Cobus Loots



 2.      Reason for the notification

 a)      Position/status:                                   Chief Executive Officer

 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 instrument, type of   Ordinary shares of 1p each
         instrument:

                                                            Identification code: GB0004300496

 b)      Nature of the transaction:                         Acquisition of ordinary shares

 c)      Price(s) and volume(s):                            150,000
                                                            GBP0.124




 d)      Aggregated information:                            GBP18,600.00
 e)     Date of the transaction:                            21 February 2020

 f)     Place of the transaction:                           London SETS



Additional information disclosed in accordance with the JSE Listings Requirements:

 a)     Nature and extent of interest of executive:          Direct Beneficial

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

 c)     Clearance given in terms of paragraph 3.66 of the    Yes
        JSE Listings Requirements:

 d)     Holding following transactions:                      1,491,675


Johannesburg
24 February 2020
Sponsor: Questco Corporate Advisory Proprietary Limited

Date: 24-02-2020 11:27:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Directors dealings in securities

2020/02/21 11:25:00
Directors dealings in securities

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
(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

 1.      Details of the person discharging managerial
         responsibilities/person closely associated

 a)      Name:                                              Cobus Loots



 2.      Reason for the notification

 a)      Position/status:                                   Chief Executive Officer

 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 instrument, type of   Ordinary shares of 1p each
         instrument:

                                                            Identification code: GB0004300496

 b)      Nature of the transaction:                         Acquisition of ordinary shares

 c)      Price(s) and volume(s):                            100,000
                                                            GBP0.12625




 d)      Aggregated information:                            GBP12,625.03
 e)     Date of the transaction:                            20 February 2020

 f)     Place of the transaction:                           London SETS



Additional information disclosed in accordance with the JSE Listings Requirements:

 a)     Nature and extent of interest of executive:          Direct Beneficial

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

 c)     Clearance given in terms of paragraph 3.66 of the    Yes
        JSE Listings Requirements:

 d)     Holding following transactions:                      1,341,675



Johannesburg

21 February 2020

Sponsor: Questco Corporate Advisory Proprietary Limited

Date: 21-02-2020 11:19:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Directors dealings in securities

2020/02/21 11:18:00
Directors dealings in securities

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
(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

 1.      Details of the person discharging managerial
         responsibilities/person closely associated

 a)      Name:                                              Deon Louw

 2.      Reason for the notification

 a)      Position/status:                                   Finance Director

 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 instrument, type of   Ordinary shares of 1p each
         instrument:

                                                            Identification code: GB0004300496

 b)      Nature of the transaction:                         Acquisition of ordinary shares

 c)      Price(s) and volume(s):                            104,012 ordinary shares
                                                            High: R2.46
                                                            Low: R2.44
                                                            VWAP: R2.45

 d)      Aggregated information:                            R255,151.76
 e)     Date of the transaction:                            20 February 2020

 f)     Place of the transaction:                           Johannesburg Stock Exchange



Additional information disclosed in accordance with the JSE Listings Requirements:

 a)     Nature and extent of interest of executive:          Direct Beneficial

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

 c)     Clearance given in terms of paragraph 3.66 of the    Yes
        JSE Listings Requirements:

 d)     Holding following transactions:                      611,462



Johannesburg

21 February 2020

Sponsor: Questco Corporate Advisory Proprietary Limited

Date: 21-02-2020 11:12:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Director's dealings in securities

2020/02/20 10:09:00
Director's dealings in securities

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
(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

1.      Details of the person discharging managerial
        responsibilities/person closely associated

a)      Name:                                              Cobus Loots



2.      Reason for the notification

a)      Position/status:                                   Chief Executive Officer

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 instrument, type of   Ordinary shares of 1p each
        instrument:

                                                           Identification code: GB0004300496

b)      Nature of the transaction:                         Acquisition of ordinary shares

c)      Price(s) and volume(s):                            150,000
                                                           R2.47




d)      Aggregated information:                            R370,500
 e)     Date of the transaction:                           19 February 2020

 f)     Place of the transaction:                          Johannesburg Stock Exchange



Additional information disclosed in accordance with the JSE Listings Requirements:

 a)     Nature of interest of executive:                    Beneficial

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

 c)     Clearance given in terms of paragraph 3.66 of the   Yes
        JSE Listings Requirements:

 d)     Holding following transactions:                     1,241,675



Johannesburg
20 February 2020

Sponsor: Questco Corporate Advisory Proprietary Limited

Date: 20-02-2020 10:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Short Form Announcement - Condensed Consolidated Interim Unaudited Results for the six months ended 31 December 2019

2020/02/18 09:05:00
Short Form Announcement - Condensed Consolidated Interim Unaudited Results for the six months ended 31 December 2019

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
(Pan African Resources or the Company or the Group)


Short Form Announcement - Condensed Consolidated Interim Unaudited Results for the
six months ended 31 December 2019

Chief executive officer's statement

Pan African Resources CEO Cobus Loots commented:

"Our business strategy of delivering safe, sustainable and high-margin gold production has yielded improved
operational, financial and safety results for the six months ended 31 December 2019 ("the current reporting
period").

In the current reporting period, our team delivered a robust operational performance, with gold sales
volumes increasing by 13.6% to 90,602oz.

Despite the increase in the Group's overall AISC for the current reporting period, all-in sustaining costs
("AISC"), at our tailings businesses operated at exceptional margins, with Elikhulu producing at an AISC of
USD708/oz and our Barberton Tailings Retreatment Plant reporting an AISC of USD643/oz. We are pleased
to maintain our previous guidance of gold production of 185,000oz, at an AISC below USD1,000/oz, for the
full 2020 financial year.

Previously, we committed to increasing margins at our higher-cost underground operations and are
encouraged by progress made in achieving this objective. Evander Mine's 8 Shaft pillar (8 Shaft pillar)
project, where all development milestones were achieved on-schedule and on-budget, will reach commercial
production in the next few weeks, adding further high-margin production from our operations in the second
half of this year. At Barberton's New Consort Mine, we will also commence mining the PC Shaft pillar in
March, adding incremental gold production and considerably reducing the unit cost of production from this
operation. Critically, we are conducting pillar mining activities in a way that does not sterilise the longer-
term future of the operations.

We have successfully completed the mining feasibility study on Evander Mines' Egoli project, which
demonstrates its technical viability and compelling economic returns. This study is currently subject to an
independent technical review. The Group is exploring several non-dilutive funding options for Egoli, which
will enable Pan African Resources to continue its strategy of de-gearing its balance sheet and increasing
dividends. To this end, we are engaging with several financial institutions who have expressed an interest
in the continued financing of the Group's organic growth projects. Our attractive pipeline of near- to medium-
term growth projects, including the Egoli project and Barberton Mines' Royal Sheba project, have the
potential to significantly boost Group production in the coming years.

Despite some of challenges, including electricity supply constraints and illegal mining, Pan African
Resources has demonstrated the ability to operate successfully in South Africa. We will continue to use our
experience and resources to improve the lives of all our stakeholders and grow shareholder value.

Management's key focus for the remainder of the 2020 financial year includes further improving the safety
performance, delivering on production guidance, reducing operational costs, managing cash flow
generation and strengthening the Group's financial position by reducing senior debt."

Key features
 -    Total gold sold increased by 13.6% to 90,602oz (2018: 79,765oz) due to an increase in production
      by Evander Mines
 -    Gold produced by the Group increased by 14.7% to 92,941oz (2018: 81,014oz)
 -    Group profit after taxation increased by 125.8% to USD21.9 million (2018: USD9.7 million), due to
      the improved production performance at Evander Mines and the prevailing robust USD and rand gold
      price. Group adjusted earnings before interest, taxation, depreciation, amortisation, impairment
      reversals and fair value adjustments on derivative financial assets and liabilities (adjusted EBITDA)
      increased considerably by 83.4% to USD44.2 million (2018: USD24.1 million)
 -    Group revenue increased by 36.2% to USD132.8 million (2018: USD97.5 million), due to an increase
      in gold sales by Evander Mines, following a full six-month contribution from Elikhulu to the Group's
      production profile and also the increase in production from remnant mining and surface sources
 -    Earnings per share more than doubled to USD1.14 cents per share (2018: USD0.50 cents per share)
 -    Headline earnings per share increased to USD1.13 cents per share (2018: USD0.50 cents per share)
 -    No dividend declared for this six-month period


The Company has a dual primary listing on the JSE main board in South Africa and the AIM of the London
Stock Exchange.

The information in this announcement has been extracted from the Unaudited Interim Results for the six
months ended 31 December 2019. The short-form announcement has not been reviewed by the Company's
auditors.

This short form announcement is the responsibility of the directors and is only a summary of the information
contained in the full announcement which was released on SENS on 18 February 2020.

Copies of the full announcement are available on request by emailing [email protected]

Any investment decisions should be based on the full announcement and the Group's detailed operational
and financial summaries which are disclosed on the Pan African website at
http://www.panafricanresources.com/investors/financial-reports/ and
https://senspdf.jse.co.za/documents/2020/jse/isse/pan/Int2019.pdf


18 February 2020

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
[email protected]                                   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                          John Prior
St James's Corporate Services Limited            Numis Securities Limited
Company Secretary                                Nominated Adviser and Joint Broker
Office: + 44 (0)20 7796 8644                     Office: +44 (0)20 7260 1000
Ciska Kloppers                                   Ross Allister/David McKeown
Questco Corporate Advisory Proprietary Limited   Peel Hunt LLP
JSE Sponsor                                      Joint Broker
Office: + 27 (0)11 011 9200                      Office: +44 (0)20 7418 8900
Julian Gwillim                                   Thomas Rider/Neil Elliot
Aprio Strategic Communications                   BMO Capital Markets Limited
Public & Investor Relations SA                   Joint Broker
Office: +27 (0)11 880 0037                       Office: +44 (0)20 7236 1010
Bobby Morse/Chris Judd                           Website: www.panafricanresources.com
Buchanan
Public and Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]

Date: 18-02-2020 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Trading Statement for the six months ended 31 December 2019

2020/01/31 09:08:00
Trading Statement for the six months ended 31 December 2019

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African" or "the Company")


TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required
to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the
financial results for the period to be reported upon next, will differ by at least 20% from those of the previous
corresponding period.

Pan African changed its presentation currency from pounds sterling ("GBP") in the previous reporting
period to United States dollars ("USD") for the six months ended 31 December 2019 ("current reporting
period"). Reporting in USD provides a more comparable presentation currency for the group's financial
position, financial performance and cash flow. All group subsidiaries are incorporated in South Africa and
their functional currency is South African rand ("ZAR"). The group's business is conducted in ZAR and the
accounting records are maintained in the same currency, except precious metal product sales, which are
conducted in USD prior to conversion into ZAR.
The ZAR:USD exchange rate affects the reporting of results in USD. For the current reporting period, the
average ZAR:USD exchange rate is used in translating ZAR results into USD.

During the current reporting period, the average ZAR:USD exchange rate was R14.70:1 (2018: R14.19:1),
and the closing ZAR:USD exchange rate was R14.08:1 (2018: R14.36:1). The H1-on-H1 change in the
average and closing exchange rates of 3.6% and (1.9%), respectively, must be taken into account for the
purposes of translating and comparing H1-on-H1 results. The weighted average number of shares in issue
remained unchanged at 1,928.3 million shares (2018: 1,928.3 million shares).

Pan African advises shareholders that its USD earnings per share ("EPS") and headline earnings per share
("HEPS") in respect of its operations for the current reporting period are expected to be as follows:

                              Six months ended                                              Six months ended
                              31 December 2019               Six months ended               31 December 2019
                               Expected results              31 December 2018              Expected % increase
                                 (USD cents)                                                 in USD earnings

      GBP            USD
                       Lower range    Upper range                                     Lower range   Upper range
                                                          (pence)(2)     (cents)(3)
 EPS (1)                      1.12           1.17            0.39            0.50          124%           134%
 HEPS (1)                     1.11           1.16            0.39         0.50          122%           132%

Notes

(1) The considerable improvement in EPS and HEPS are principally due to the following:
    • Increased low-cost gold production from Elikhulu tailings retreatment plant, with the operation
        increasing gold sales by 91.6% to 29,301oz (2018: 15,292oz);
    • A sizeable increase of 19.8% in the average gold price received to USD1,464/oz (2018:
        USD1,222/oz); and
    •   Production from remnant mining and surface sources at Evander operations increasing by 7.4%
        to 16,284oz (2018: 15,166oz).

(2) As previously presented, given that the corresponding reporting period's presentation currency was
    GBP.

(3) EPS and HEPS in USD, using the average exchange rates for the corresponding reporting period.



The financial information contained in this announcement has neither been reviewed nor audited by the
Company's auditors. The group's unaudited interim results for the six months ended 31 December 2019
will be released on 18 February 2020.




For further information on Pan African, please visit the Company's website at
www.panafricanresources.com


31 January 2020

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
[email protected]                                   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                          John Prior
St James's Corporate Services Limited            Numis Securities Limited
Company Secretary                                Nominated Adviser and Joint Broker
Office: + 44 (0)20 7796 8644                     Office: +44 (0)20 7260 1000
Ciska Kloppers                                   Ross Allister/David McKeown
Questco Corporate Advisory Proprietary Limited   Peel Hunt LLP
JSE Sponsor                                      Joint Broker
Office: + 27 (0)11 011 9200                      Office: +44 (0)20 7418 8900
Julian Gwillim                                   Thomas Rider/Neil Elliot
Aprio Strategic Communications                   BMO Capital Markets Limited
Public & Investor Relations SA                   Joint Broker
Office: +27 (0)11 880 0037                       Office: +44 (0)20 7236 1010
Bobby Morse/Chris Judd                           Website: www.panafricanresources.com
Buchanan
Public and Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]

Date: 31-01-2020 08:59:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Operational Update for the Six Months Ended 31 December 2019

2020/01/24 09:08:00
Operational Update for the Six Months Ended 31 December 2019

Pan African Resources PLC
(Incorporated and registered on 25 February 2000 in England and Wales under the Companies Act 1985,
registration number 3937466)
Share code on AIM : PAF
Share code on JSE : PAN
ISIN              : GB0004300496
("Pan African" or the "company" or "group")

OPERATIONAL UPDATE FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

Pan African is pleased to provide an operational update for the six months ended 31 December 2019
("current reporting period").

Key highlights for the current reporting period

•   Pan African is on track to deliver the full-year production guidance of 185,000oz.
•   Group gold sales increased by 14.7% to 92,941oz (2018: 81,014oz).
•   The Evander 8 Shaft Pillar project development is progressing according to plan, with steady-state
    production planned from March 2020.
•   Pan African's operations delivered a robust operational and commendable safety performance
    during the period.

Pan African CEO Cobus Loots commented:

"The first six months of the year saw higher production from Pan African's high-margin operations and
investment in our growth projects, with the group demonstrating its ability to reduce debt and pay
dividends to our shareholders. In addition, the operational and safety performance during the current
reporting period demonstrates our continued progress in positioning Pan African as a sustainable, safe,
high-margin and long-life gold producer, with an attractive project pipeline.

The Evander 8 Shaft Pillar project, where all development milestones were achieved on schedule and
on budget, will reach commercial production in the next few weeks, adding further high-margin
production from our operations in the second half of this year.

We have successfully completed the mining feasibility study on the Evander Egoli project, which
demonstrates its technical viability and compelling economic returns. The study is currently the subject
of a confirmatory third-party review, which will be completed shortly. The group is exploring several non-
dilutive funding options, which will enable Pan African to continue its strategy of de-gearing its balance
sheet and increasing dividends. We have already engaged with several financial institutions who have
expressed an interest in the continued financing of Pan African's organic growth projects.

We look forward to presenting our interim results, where we will detail plans to further optimise our
current operations. We remain on track to produce at least 185,000oz of gold for the full financial year
ending 30 June 2020 and we are committed to creating value for all our stakeholders."

Safety

The group maintained its excellent safety performance during the reporting period. We remain
committed to and focussed on ensuring the safety of all our employees, while we strive towards a zero-
harm environment.

•   The group experienced no fatalities during the current reporting period (2018: no fatalities);
•   The lost-time injury frequency rate improved to 1.69 (2018: 1.77); and
•   The reportable injury frequency rate regressed to 0.85 (2018: 0.53), due to Evander Mines'
    (excluding Elikhulu) reportable injury frequency rate increasing to 3.71 (2018: 2.41). Barberton
    Mines achieved an excellent reportable injury frequency rate of 0.00 (2018: 0.26).

Elikhulu tailings retreatment plant ("Elikhulu")

•   Gold production from Elikhulu increased by 91.6% to 29,301oz (2018: 15,292oz);
•   Elikhulu processed 6.2 million tonnes in the current reporting period, at a recovered grade of
     0.15g/t, despite operations being severely impacted by heavy rains in December 2019; and
•    A new pump station, successfully commissioned during December 2019, is expected to increase
     plant feed grades and plant feed rates for the remainder of the financial year, which will have a
     favourable impact on gold production.

Barberton Mines ("Barberton")

Barberton produced 47,356oz (2018: 50,556oz) during the current reporting period, comprising:

•    Underground mining operations, which contributed 36,737oz (2018: 38,550oz); and
•    Barberton tailings retreatment plant ("BTRP") which contributed 10,619oz (2018: 12,006oz), with
     current year production in line with guidance.

The 6.3% reduction in Barberton's production in the current reporting period was principally due to:

     o    Community unrest experienced during July 2019, which adversely impacted underground
          production. Barberton is pursuing legal action against instigators involved in this unrest and
          has experienced no major disruption to our operations in the past months. Enhanced security
          initiatives have also contributed to curtailing illegal mining and criminality; and
     o    Challenging geological conditions at Barberton's Fairview operation, which are expected to be
          mitigated by increased mining flexibility in the remainder of the financial year.

Barberton remains on track to achieve the market guidance of approximately 100,000oz for the full 2020
financial year.

Evander Mines' 8 Shaft Pillar project ("8 Shaft Pillar")

Gold production from the Evander complex (excluding Elikhulu) increased by 7.4% to 16,284oz (2018:
15,166oz), despite experiencing electricity supply constraints in the last months of the current reporting
period.

The 8 Shaft Pillar project achieved first gold in August 2019, as previously communicated. Steady-state
production is forecast during March 2020, as originally anticipated. The project is forecast to contribute
30,000oz of gold or more per annum to the group's production over a three-year period, once
operational steady state is reached. The following major milestones were achieved by 31 December
2019:

     o    Construction and support of access in the shaft brattice wall;
     o    Completion of steelwork in the shaft tower;
     o    Completion of the holing of all critical development ends to allow the continuous mining of
          shaft pillars;
     o    Refurbishment of the Kinross plant to ensure optimised performance with pillar material feed;
          and
     o    Successful commissioning of the grout plant, which is required for pillar support.

Evander Mines' Egoli project ("Egoli")

The Egoli project's mining feasibility study ("MFS") has been finalised, with the MFS results surpassing
the findings of previous technical and financial assessments.

The project has an expected initial life-of-mine of approximately nine years and is forecast to produce
approximately 90,000oz of gold per annum at peak production levels, at an all-in sustaining cost of less
than 1,000/oz. The existing infrastructure at 7 Shaft has made ready access to the orebody possible
within a relatively short timeframe, which contributes to the project's low execution risk. The project falls
under the current Evander Gold Mining (Pty) Ltd mining right and all permits and licences are in place.

A comprehensive review of the MFS is being performed by The Mineral Corporation, an independent
mining consultancy, after which the MFS findings will be communicated to the market.
Barberton Mines' sub-vertical shaft project at Fairview Mine

The development at the top and bottom access of the sub-vertical shaft is progressing as planned.
Raise boring will commence once adequate ore reserves are established in the MRC (11-block). As
previously communicated, the project is expected to produce an additional 7,000oz to 10,000oz per
annum once the shaft is completed.

Group net debt

The company's senior, interest bearing, net bank debt comprising the RCF and Elikhulu facilities (senior
debt), decreased to R1.597 billion (R1.548 billion when accounting for 71.3kg of gold delivered to Rand
Refinery in December 2019, but not settled by 31 December 2019) from the R1.89 billion at 30 June
2019.

Total net debt, includes the impact of capitalised operating leases in terms of IFRS 16, decreased to
R1.74bn (R1.69 billion when accounting for 71.3kg of gold delivered to Rand Refinery in December
2019, but not settled by 31 December 2019) from the R1.83 billion at 30 June 2019.

Total net debt at 31 December 2019 was impacted by:

    •   Net dividends of R43 million paid to shareholders in December 2019;
    •   The capitalisation of lease agreements of R83m (2018: R nil) in terms of IFRS 16;
    •   R100 million principal repayment on the Elikhulu term facility;
    •   R197 million paid towards the gold loan during H1 of FY20;
    •   Realised hedging losses of R29 million incurred during the reporting period; and
    •   Capital of R57 million spent on the 8 Shaft Pillar project.

In terms of the company's senior debt agreements, it is obligated to reduce the outstanding balance of
these facilities as follows:

            Financial year:                                           ZAR
                Jun-20                                               1 550 000
                Jun-21                                               1 300 000
                Jun-22                                                 900 000
                Jun-23                                              700 000
                Jun-24                                                 500 000

The senior debt redemption profile can be accelerated and, in light of the prevailing robust gold prices
and strong operational cash generation, the company is forecast to measurably reduce its debt during
the next two financial years.

Interim results for the six months ended 31 December 2019

Pan African will announce its interim results on 18 February 2020.

Any forecast information contained in this announcement has neither been reviewed nor audited by the company's
external auditors.



Rosebank
24 January 2020

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
[email protected]                                   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                          John Prior
St James's Corporate Services Limited            Numis Securities Limited
Company Secretary                                Nominated Adviser and Joint Broker
Office: + 44 (0)20 7796 8644                     Office: +44 (0)20 7260 1000
Ciska Kloppers                                   Ross Allister/David McKeown
Questco Corporate Advisory Proprietary Limited   Peel Hunt LLP
JSE Sponsor                                      Joint Broker
Office: + 27 (0)11 011 9200        Office: +44 (0)20 7418 8900
Julian Gwillim                                   Thomas Rider/Niel Elliot
Aprio Strategic Communications                   BMO Capital Markets Limited
Public & Investor Relations SA                   Joint Broker
Office: +27 (0)11 880 0037                       Office: +44 (0)20 7236 1010
Bobby Morse/Chris Judd                           Website: www.panafricanresources.com
Buchanan
Public and Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]

Date: 24-01-2020 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Standard form for notification of major holdings

2020/01/21 12:38:00
TR-1: Standard form for notification of major holdings

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("the Company")


TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft
Word format if possible)i

1a. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are            PAN AFRICAN RESOURCE PLC
attachedii:
1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights                                                     X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv
Name                                                     PUBLIC INVESTMENT CORPORATION SOC LIMITED

City and country of registered office (if applicable)    PRETORIA, SOUTH AFRICA

4. Full name of shareholder(s) (if different from 3.)v

Name

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or
                                                         17/01/2020
reachedvi:

6. Date on which issuer notified (DD/MM/YYYY):           21/01/2020

7. Total positions of person(s) subject to the notification obligation
                                                        % of voting rights
                           % of voting rights                                                               Total number of
                                                       through financial in-         Total of both in %
                           attached to shares                                                               voting rights of
                                                            struments                   (8.A + 8.B)
                              (total of 8. A)                                                               issuervii
                                                     (total of 8.B 1 + 8.B 2)
Resulting situation
on the date on which
threshold was
                               8.362%                                                     8.362%               2 234 687 537
crossed or reached
Position of previous
notification (if              7.532%                                                      7.532%
applicable)


 8. Notified details of the resulting situation on the date on which the threshold was crossed or
 reachedviii
 A: Voting rights attached to shares
 Class/type of             Number of voting rightsix                             % of voting rights
 shares
 ISIN code (if possible)           Direct                   Indirect                      Direct                    Indirect
                               (Art 9 of Directive      (Art 10 of Directive          (Art 9 of Directive       (Art 10 of Directive
                            2004/109/EC) (DTR5.1)         2004/109/EC)             2004/109/EC) (DTR5.1)          2004/109/EC)
                                                            (DTR5.2.1)                                              (DTR5.2.1)

 PAN                         186 875 262            8.362%




 SUBTOTAL 8. A                              186 875 262                                               8.362%



 B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
                                                                               Number of voting rights
 Type of financial         Expiration       Exercise/              that may be acquired if
                                                                                                            % of voting rights
 instrument                datex            Conversion Periodxi                the instrument is
                                                                               exercised/converted.




          SUBTOTAL 8. B 1                               NIL                          NIL
 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive
 2004/109/EC (DTR5.3.1.1 (b))
                                           Exercise/             Physical or
 Type of financial     Expiration                                                     Number of
                                Conversion            cash                                    % of voting rights
 instrument            datex                                                          voting rights
                                           Period xi             settlementxii




                                                                 SUBTOTAL
                                   8.B.2
                                                                                            NIL                   NIL



9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")
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 xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv
(please add additional rows as necessary)
                 % of voting rights
                                 % of voting rights if it                                           Total of both if it
                                                                 through financial in-
                                  equals or is higher                                              equals or is higher
          Namexv                           struments if it equals
                                  than the notifiable                                              than the notifiable
                                                                 or is higher than the
                                       threshold                                                       threshold
                                   notifiable threshold
PUBLIC INVESTMENT
CORPORATION SOC                          8.362%                                                            8.362%
LIMITED




10. In case of proxy voting, please identify:
Name of the proxy holder                                        N/A

The number and % of voting rights held                          N/A

The date until which the voting rights will be held             N/A
11. Additional informationxvi
Name: REITUMETSE KAU
E-Mail: [email protected]
TEL: 0127423747



Place of completion     PRETORIA, SOUTH AFRICA

Date of completion      21 January 2020


Rosebank
21 January 2020


Sponsor: Questco Corporate Advisory Proprietary Limited

Date: 21-01-2020 12:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Results of Annual General Meeting and Salient Dividend Dates

2019/11/29 09:08:00
Results of Annual General Meeting and Salient Dividend Dates

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with
registered number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African" or the "Company" or the "Group")

RESULTS OF ANNUAL GENERAL MEETING AND SALIENT DIVIDEND DATES

RESULTS OF ANNUAL GENERAL MEETING

Pan African shareholders ("Shareholders") are advised that at the annual general meeting
("AGM") of Shareholders held on Thursday, 28 November 2019, all the ordinary and special
resolutions, save for ordinary resolution number 13, as set out in the notice of AGM dated
18 September 2019, were approved by the requisite majority of Shareholders present or
represented by proxy.

The total number of Pan African ordinary shares ("Shares") eligible to vote at the AGM is
2,234,687,537.

All resolutions proposed at the AGM, together with the percentage of shares abstained, as
well as the percentage of votes carried for and against each resolution, are as follows:

Ordinary resolution number 1: To receive and adopt the directors' report, the audited
statement of accounts and the auditor's report for the year ended 30 June 2019

Shares Voted           Abstained              For                    Against
1,610,303,019          2,448,832              1,532,003,019          78,300,000
72.06%             0.11%                  95.14%                 4.86%

Ordinary resolution number 2: To approve the final dividend of 2.23745 ZAR cents per
share

Shares Voted           Abstained              For                    Against
1,612,121,832          630,019                1,612,071,832          50,000
72.14%                 0.03%                  100.00%                0.00%

Ordinary resolution number 3: To re-elect Mrs HH Hickey as a director of the Company

Shares Voted           Abstained              For                    Against
1,610,173,716          2,578,135              1,595,092,766          15,080,950
72.05%                 0.11%                  99.06%                 0.94%

Ordinary resolution number 4: To re-elect Mr TF Mosololi as a director of the Company
committee

Shares Voted           Abstained              For                    Against
1,610,172,341          2,579,510              1,570,650,858          39,521,483
72.05%                 0.11%                  97.55%                 2.45%
Ordinary resolution number 5: To re-elect Mr CDS Needham as a director of the Company

Shares Voted          Abstained             For                    Against
1,606,173,716         6,578,135             1,606,136,145          37,571
71.87%                0.29%                 100.00%                0.00%

Ordinary resolution number 6: To re-elect Ms YN Themba as a director of the Company

Shares Voted          Abstained             For                    Against
1,606,172,341         6,579,510             1,603,695,305          2,477,036
71.87%    0.29%                 99.85%                 0.15%

Ordinary resolution number 7: To re-elect Mrs HH Hickey as a member of the audit
committee

Shares Voted          Abstained             For                    Against
1,610,174,320         2,577,075             1,595,357,141          14,817,179
72.05%                0.11%                 99.08%                 0.92%

Ordinary resolution number 8: To re-elect Mr CDS Needham as a member of the audit
committee

Shares Voted          Abstained             For                    Against
1,606,174,776         6,577,075             1,583,199,117          22,975,659
71.87%                0.29%                 98.57%                 1.43%

Ordinary resolution number 9: To re-elect Mr TF Mosololi as a member of the audit
committee

Shares Voted          Abstained             For                    Against
1,610,174,776         2,577,075             1,595,176,315          14,998,461
72.05%                0.11%                 99.07%                 0.93%

Ordinary resolution number 10: To endorse the Company's Remuneration Policy

Shares Voted          Abstained             For                    Against
1,610,217,936         2,533,459           1,533,119,123          77,098,813
72.06%                0.11%                 95.21%                 4.79%

Ordinary resolution number 11: To endorse the Company's Remuneration Implementation
Report (Notes 1 and 2)

Shares Voted          Abstained             For                    Against
1,610,252064          2,499,787             927,948,817            682,303,247
72.06%                0.11%                 57.63%                 42.37%

Ordinary resolution number 12: To appoint PricewaterhouseCoopers LLP as auditor of the
Company and to authorise the directors to determine their remuneration

Shares Voted          Abstained             For                    Against
1,610,117,427         2,634,424             1,609,903,713          213,714
72.05%                0.12%         99.99%                 0.01%
Ordinary resolution number 13: To authorise the directors to allot equity securities 
(Note 1)

Shares Voted             Abstained               For                      Against
1,610,237,488            2,514,363               693,984,323              916,253,165
72.06%                   0.11%                   43.10%                   56.90%

Special resolution number 14: To approve market purchases of ordinary shares

Shares Voted             Abstained               For                      Against
1,610,322,930            2,428,921               1,603,163,650            7,159,280
72.06%                   0.11%                   99.56%                   0.44%

Notes

   •    Percentages of Shares voted are calculated in relation to the total issued ordinary
        share capital of Pan African.
   •    Percentages of Shares voted for and against each resolution are calculated in relation
        to the total number of Shares voted in respect of each resolution.
   •    Abstentions are calculated as a percentage in relation to the total issued ordinary share
        capital of Pan African.

   1. In accordance with the UK Corporate Governance Code, when 20% or more of the
      votes have been cast against the board recommendation for a resolution, the company
      will consult with those shareholders who voted against ordinary resolution numbers
      11 and 13 ("Resolutions"), ("Dissenting Shareholders") in order to ascertain the
      reasons for doing so, following which an update on the views expressed by such
      Dissenting Shareholders and the subsequent actions taken by the Company will be
      issued.
   2. Furthermore, as required in terms of the King IV Report on Corporate Governance for
      South Africa, 2016 and paragraph 3.84(k) of the JSE Limited Listings Requirements,
      Pan African invites those Dissenting Shareholders who voted against ordinary
      resolution number 11 to engage with the Company regarding their views on the
      Company's remuneration implementation report.

Dissenting Shareholders may forward their concerns / questions pertaining to the Resolutions
to the Company Secretary via email at [email protected] by close of business on
13 December 2019. The Company will then respond in writing to these Shareholders, and if
required, engage further with the Shareholders in this regard.

SALIENT DIVIDEND DATES

Shareholders are referred to the Group's results that were released on 18 September 2019,
wherein an exchange rate of South African Rand ("ZAR") to the British Pound ("GBP") of
ZAR/GBP: R18:25 and an exchange rate of ZAR to the US Dollar ("USD") of ZAR/USD:
14.75 were used for illustrative purposes to convert the proposed ZAR dividend of 2.23745
ZAR cents per share into GBP and USD.

Shareholders are advised that, following the approval of the final dividend at the AGM, the
exchange rate for conversion of the final dividend into GBP is a fixed exchange rate of
ZAR/GBP:19.0825 which translates to a final GBP dividend of 0.11725 pence per share and
the exchange rate for conversion of the final dividend into USD is a fixed exchange rate of
ZAR/USD: 14.74 which translates to a final USD dividend of 0.15179 US cents per share.

The dividend will be distributed from South African income reserves.
The following salient dates apply:

Currency conversion date                          Thursday, 28 November 2019
Currency conversion announcement released by      Friday 29 November 2019
11.00 (SA time)
Last date to trade on the JSE                     Tuesday, 10 December 2019
Last date to trade on the LSE                     Wednesday 11 December 2019

Ex-dividend date on the JSE                       Wednesday, 11 December 2019

Ex-dividend date on the LSE                       Thursday, 12 December 2019
Record date on the JSE and LSE                    Friday, 13 December 2019
Payment date                                      Monday 30 December 2019

Notes

   •    No transfers between the Johannesburg and London registers between the
        commencement of trading on Wednesday 11 December 2019 and close of business on
        Friday, 13 December 2019 will be permitted.
   •    No Shares may be dematerialised or rematerialised between Wednesday 11 December
        2019 and Friday, 13 December 2019, both days inclusive.
   •    The final dividend per share was calculated on 2,234,687,537 total shares in issue
        equating to 2.23745 ZAR cents per share or 0.11725 pence or 0.15179 US cents per
        share.
   •    The South African dividends tax rate is 20% per ordinary share for shareholders who
        are liable to pay the dividends tax, resulting in a net dividend of 1.78996 ZAR cents
        per share (0.09380 pence per share and 0.12143 US cents per share) for these
        shareholders. Foreign investors may qualify for a lower dividend tax rate, subject to
        completing a dividend tax declaration and submitting it to Computershare Investor
        Services Proprietary Limited or Link Asset Services who manage the SA and UK
        register, respectively. The company's South African income tax reference number is
        9154588173. The proposed dividend will be paid out of the company's retained
        earnings, without drawing on any other capital reserves.

Johannesburg
29 November 2019

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
[email protected]                                      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                             John Prior/Will Wickham
St James's Corporate Services Limited               Numis Securities Limited
Company Secretary                                   Nominated Adviser and Joint Broker
Office: + 44 (0) 20 7796 8644                       Office: +44 (0) 20 7260 1000
Ciska Kloppers                                      Ross Allister/David McKeown
Questco Corporate Advisory Proprietary Limited      Peel Hunt LLP
JSE Sponsor                                         Joint Broker
Office: + 27 (0) 11 011 9200                 Office: +44 (0) 20 7418 8900
Julian Gwillim                                      Thomas Rider/Neil Elliot
Aprio Strategic Communications                      BMO Capital Markets Limited
Public & Investor Relations SA                      Joint Broker
Office: +27 (0) 11 880 0037                         Office: +44 (0) 20 7236 1010
Bobby Morse/Chris Judd
Buchanan
Public and Investor Relations UK
Office: +44 (0) 20 7466 5000
[email protected]
Website: www.panafricanresources.com

Date: 29-11-2019 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Notice of Annual General Meeting and No Change Statement

2019/10/28 09:29:00
Notice of Annual General Meeting and No Change Statement

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African" or "the Company")

Notice of Annual General Meeting and No Change Statement

Notice of Annual General Meeting

Notice is hereby given that the 2019 annual general meeting ("AGM") of Pan African Resources will be held at
the offices of Fladgate LLP, 16 Great Queen Street, London WC2B 5DG on Thursday, 28 November 2019 at
11:00 (all times stated are United Kingdom times, unless otherwise stated).

Shareholders are advised that the notice of AGM, including the abridged audited annual financial statements
for the year ended 30 June 2019, will be distributed to shareholders on Monday, 28 October 2019.

Shareholders are advised that the Company's Integrated Annual Report, audited annual financial statements
and notice of AGM for the year ended 30 June 2019 are available at
http://www.panafricanresources.com/investors/financial-reports/

No Change Statement

The Audited Annual Financial Statements for the year ended 30 June 2019 and the auditor's report thereon
contain no modifications to the information contained in the Provisional Summarised Audited Results for the
year ended 30 June 2019 published on SENS on Wednesday, 18 September 2019.

Salient dates relevant to the AGM

                                                                                                      2019
 The record date for the purpose of determining which shareholders are                  Friday, 18 October
 entitled to receive the convening notice of the AGM
 Last day to trade in the Company's shares in order to be recorded as a              Thursday, 21 November
 shareholder on the Company's South African register by the voting
 record date
 The record date to determine which shareholders on the Company's                     Tuesday, 26 November
 South African and United Kingdom registers are entitled to attend, speak
 and vote at the AGM (by close of business)
 Proxy instructions to be received by the Company's South African              Tuesday, 26 November
 Transfer Secretaries or United Kingdom Registrars by no later than 11:00
 Annual General Meeting                                                              Thursday, 28 November
 Results of AGM released on SENS/RNS on or about                                     Thursday, 28 November

The above salient dates relevant to the AGM should be deemed as being the final salient dates and
shareholders are therefore advised to disregard the meeting record dates set out in the Notice of Annual
General Meeting.

Johannesburg
28 October 2019


 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
 [email protected]                                       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                              John Prior
 St James's Corporate Services Limited                Numis Securities Limited
 Company Secretary                                    Nominated Adviser and Joint Broker
 Office: + 44 (0) 20 7796 8644                        Office: +44 (0) 20 7260 1000
 Ciska Kloppers                                       Ross Allister/David McKeown
 Questco Corporate Advisory Proprietary Limited       Peel Hunt LLP
 JSE Sponsor                                          Joint Broker
 Office: + 27 (0) 11 011 9200                         Office: +44 (0) 20 7418 8900
 Julian Gwillim                                       Jeffrey Couch/Thomas Rider/Neil Elliot
 Aprio Strategic Communications                       BMO Capital Markets Limited
 Public & Investor Relations SA                       Joint Broker
 Office: +27 (0) 11 880 0037                          Office: +44 (0) 20 7236 1010
 Bobby Morse/Chris Judd                               Website: www.panafricanresources.com
 Buchanan
 Public and Investor Relations UK
 Office: +44 (0) 20 7466 5000
 [email protected]

Date: 28/10/2019 09:24:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Standard form for notification of major holdings

2019/10/25 14:04:00
TR-1: Standard form for notification of major holdings

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("the Company")

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if
possible)i


 1a. Identity of the issuer or the underlying issuer of
                                                                  Pan African Resources Plc
 existing shares to which voting rights are attachedii:

 1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

 Non-UK issuer                                                                                                           X

 2. Reason for the notification (please mark the appropriate box or boxes with an "X")

 An acquisition or disposal of voting rights                                                                             X

 An acquisition or disposal of financial instruments

 An event changing the breakdown of voting rights

 Other (please specify)iii:

 3. Details of person subject to the notification obligationiv

 Name                                                             Public Investment Corporation SOC Limited

 City and country of registered office (if applicable)            Pretoria, South Africa

 4. Full name of shareholder(s) (if different from 3.)v

 Name                                                           N/A

 City and country of registered office (if applicable)            N/A

 5. Date on which the threshold was crossed or
                                                                  24/10/2019
 reachedvi:

 6. Date on which issuer notified (DD/MM/YYYY):                   25/10/2019

 7. Total positions of person(s) subject to the notification obligation

                                                        % of voting rights
                              % of voting rights                                                      Total number of
                                                       through financial in-     Total of both in %
                              attached to shares                  voting rights of
                                                            struments               (8.A + 8.B)
                                 (total of 8. A)                                                      issuervii
                                                     (total of 8.B 1 + 8.B 2)
 Resulting situation
 on the date on which              7.532%                            7.532%            2 234 687 537
 threshold was
crossed or reached


Position of previous
notification (if              6.189%                                               6.189%
applicable)

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

 A: Voting rights attached to shares
 Class/type of             Number of voting rightsix                       % of voting rights
 shares
 ISIN code (if possible)          Direct                Indirect                    Direct                     Indirect
                            (Art 9 of Directive   (Art 10 of Directive        (Art 9 of Directive        (Art 10 of Directive
                              2004/109/EC)          2004/109/EC)           2004/109/EC) (DTR5.1)           2004/109/EC)
                                 (DTR5.1)             (DTR5.2.1)                                             (DTR5.2.1)
 PAN                        168 322 599                                          7.532%




 SUBTOTAL 8. A                             168 322 599                                          7.532%



 B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
                                                                         Number of voting rights
 Type of financial         Expiration    Exercise/                       that may be acquired if
                                                                                                     % of voting rights
 instrument                datex      Conversion Periodxi             the instrument is
                                                                         exercised/converted.




                                         SUBTOTAL 8. B 1                           NIL                           NIL



 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC
 (DTR5.3.1.1 (b))
                                      Exercise/         Physical or
 Type of financial Expiration                                               Number of
                         x            Conversion        cash                                  % of voting rights
 instrument          date                                                   voting rights
                                      Period xi         settlementxii
                                                                 SUBTOTAL
                                                                                            NIL                   NIL
                                                                 8.B.2




9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")
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 xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv
(please add additional rows as necessary)
                                                                   % of voting rights
                                  % of voting rights if it      through financial instru-         Total of both if it equals
          Namexv                 equals or is higher than        ments if it equals or is          or is higher than the
                                 the notifiable threshold       higher than the notifiable          notifiable threshold
                                                                        threshold
Public Investment Corpora-
                                        7.532%                                                             7.532%
tion SOC Limited




10. In case of proxy voting, please identify:

Name of the proxy holder                                        N/A

The number and % of voting rights held                          N/A

The date until which the voting rights will be held             N/A




11. Additional informationxvi
Name: REITUMETSE KAU
E-Mail: [email protected]
TEL: 0127423747



Place of completion          Pretoria, South Africa

Date of completion           25 October 2019
Rosebank
25 October 2019


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
Facsimile: + 27 (0) 11 880 1240                    Office: + 44 (0) 207 796 8644
                                                   Facsimile: + 44 (0) 207 796 8645
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                                        John Prior/Paul Gillam
St James's Corporate Services Limited              Numis Securities Limited
Company Secretary                                  Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                      Office: +44 (0) 20 7260 1000
Ciska Kloppers                                     Ross Allister/James Bavister/David McKeown
Questco Corporate Advisory (Proprietary) Limited   Peel Hunt LLP
JSE Sponsor                                        Joint Broker
Office: + 27 (0) 11 011 9200                       Office: +44 (0) 207 418 8900
Julian Gwillim                                     Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                     BMO Capital Markets Limited
Public & Investor Relations SA                     Joint Broker
Office: +27 (0)11 880 0037                         Office: +44 (0) 207 236 1010
Bobby Morse and Chris Judd                         Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]

Date: 25/10/2019 02:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Director's dealings in Securities

2019/09/25 16:37:00
Director's dealings in Securities

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

DIRECTOR'S DEALINGS IN SECURITIES

DEALING NOTIFICATION FORM FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY
ASSOCIATED PERSONS

 1.        Details of the person discharging managerial
           responsibilities/person closely associated

 a)        Name:                                                 Charles Needham

 2.        Reason for the notification

 a)        Position/status:                                      Independent non-executive director

 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 instrument, type of      Ordinary shares of 1p each
           instrument:
                                                                 Identification code: GB0004300496

 b)        Nature of the transaction:                            Acquisition of ordinary shares

 c)        Price(s) and volume(s):                               25,000 ordinary shares
                                                                 High: R2.26
                                                                 Low: R2.25
                             VWAP: R2.25

 d)        Aggregated information:                               R56,266

 e)        Date of the transaction:                              25 September 2019

 f)        Place of the transaction:                             Johannesburg Stock Exchange

Additional information disclosed in accordance with the JSE Listings Requirements:

 a)     Nature of interest of executive:                    Beneficial

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

 c)     Clearance given in terms of paragraph 3.66 of the   Yes
        JSE Listings Requirements:

 d)     Holding following transactions:                     25,000

Johannesburg
25 September 2019
Sponsor: Questco Corporate Advisory Proprietary Limited

Date: 25/09/2019 04:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Director's dealings in Securities

2019/09/20 08:07:00
Director's dealings in Securities

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

DIRECTOR'S DEALINGS IN SECURITIES

                          DEALING NOTIFICATION FORM
     FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR
                        CLOSELY ASSOCIATED PERSONS

1.      Details of the person discharging managerial
        responsibilities/person closely associated

a)      Name:                                              Cobus Loots

2.      Reason for the notification

a)      Position/status:                                   Chief Executive Officer

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 instrument, type of   Ordinary shares of 1p each
        instrument:
                                                           Identification code: GB0004300496

b)     Nature of the transaction:                          Acquisition of ordinary shares

c)     Price(s) and volume(s):                               423,000
                                                             R2.08

d)     Aggregated information:                               R879,840

e)     Date of the transaction:                              19 September 2019

f)     Place of the transaction:                             Johannesburg Stock Exchange


Additional information disclosed in accordance with the JSE Listings Requirements:

 a)     Nature of interest of executive:                     Beneficial

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

 c)     Clearance given in terms of paragraph 3.66 of the    Yes
        JSE Listings Requirements:

 d)     Holding following transactions:                      1,091,675

Johannesburg

20 September 2019

Sponsor: Questco Corporate Advisory Proprietary Limited

Date: 20/09/2019 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Director's dealings in Securities

2019/09/20 08:07:00
Director's dealings in Securities

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

DIRECTOR'S DEALINGS IN SECURITIES


                        DEALING NOTIFICATION FORM
FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY
                           ASSOCIATED PERSONS

 1.        Details of the person discharging managerial
           responsibilities/person closely associated

 a)        Name:                                                 Deon Louw

 2.        Reason for the notification

 a)        Position/status:                                      Finance Director

 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 instrument, type of      Ordinary shares of 1p each
           instrument:
                   Identification code: GB0004300496

 b)        Nature of the transaction:                            Acquisition of ordinary shares

 c)        Price(s) and volume(s):                               250,000
                                                                 High: R2.18
                                                                 Low: R2.05
                                          VWAP: R2.14

 d)        Aggregated information:                               R536 003.70

 e)        Date of the transaction:                              19 September 2019

 f)        Place of the transaction:                             Johannesburg Stock Exchange

Additional information disclosed in accordance with the JSE Listings Requirements:

 a)     Nature of interest of executive:                    Beneficial

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

 c)     Clearance given in terms of paragraph 3.66 of the   Yes
        JSE Listings Requirements:

 d)     Holding following transactions:                     507,450

Johannesburg

20 September 2019

Sponsor: Questco Corporate Advisory Proprietary Limited

Date: 20/09/2019 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Publication of Integrated Annual Report for the year ended 30 June 2019

2019/09/18 10:40:00
Publication of Integrated Annual Report for the year ended 30 June 2019

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("the Company")


Publication of Integrated Annual Report for the year ended 30 June 2019

Shareholders are advised that the Company's Integrated Annual Report, including the consolidated audited
annual financial statements, for the year ended 30 June 2019 has been published and is available at

http://www.panafricanresources.com/investors/financial-reports/

The Group's external auditor, PricewaterhouseCoopers LLP ("PwC") has expressed an unmodified opinion on
the consolidated audited annual financial statements for the year ended 30 June 2019. A copy of the audited
annual financial statements for the year ended 30 June 2019 and PwC's audit report is available for inspection
at the Company's registered office.

The Company's Abridged Audited Results and the Notice of Annual General Meeting will be distributed to
shareholders on or about 28 October 2019. Notice of the Annual General Meeting and the applicable record
dates regarding the Annual General Meeting will be released on SENS and RNS on the distribution date.


Johannesburg
18 September 2019

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
[email protected]                                   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                          John Prior
St James's Corporate Services Limited            Numis Securities Limited
Company Secretary                                Nominated Adviser and Joint Broker
Office: + 44 (0) 20 7796 8644                    Office: +44 (0) 20 7260 1000
Ciska Kloppers                                   Ross Allister/David McKeown
Questco Corporate Advisory Proprietary Limited   Peel Hunt LLP
JSE Sponsor                                      Joint Broker
Office: + 27 (0) 11 011 9200                     Office: +44 (0) 20 7418 8900
Julian Gwillim                                   Jeffrey Couch/Thomas Rider/Neil Elliot
Aprio Strategic Communications                   BMO Capital Markets Limited
Public & Investor Relations SA                   Joint Broker
Office: +27 (0) 11 880 0037                      Office: +44 (0) 20 7236 1010
Bobby Morse/Chris Judd                           Website: www.panafricanresources.com
Buchanan
Public and Investor Relations UK
Office: +44 (0) 20 7466 5000
[email protected]

Date: 18/09/2019 10:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Provisional Summarised Audited Results and Proposed Dividend for the year ended 30 June 2019

2019/09/18 08:13:00
Provisional Summarised Audited Results and Proposed Dividend for the year ended 30
June 2019

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("the Company")


Provisional Summarised Audited Results and Proposed Dividend for the year ended 30
June 2019

Chief executive officer's statement

Pan African CEO Cobus Loots commented:

"This was a pivotal year for the group as we successfully repositioned our operations as one of South Africa's
lowest cost gold producers, focused on delivering safe and profitable ounces from our Evander and
Barberton operations. Our all-in sustaining cost per ounce was reduced by 27.2% to USD988/oz (2018:
USD1,358/oz). Underpinning our strong operating performance and the delivery of 172,442oz to exceed our
production guidance, is our commitment to safety and fostering a culture focussed on creating sustainable
value for all our stakeholders. Group leadership is committed to effective ESG management and we are
extremely pleased with our operational performance and also with progress on broader societal initiatives
achieved in the year.

These positive results reflect the efforts of the team to implement our strategy as we capitalise on the
opportunities in our portfolio and invest in future growth. Our production guidance of 185,000oz for the 2020
financial year is a substantial increase from the year past. The Egoli Project and our new optimisation
projects at Evander and Barberton present compelling near and mid-term growth opportunities within our
portfolio that will also support an increase in our production profile. The successful execution of Elikhulu has
enhanced our reputation of building value from our tailings operations. In addition to maximising the value
of our own asset portfolio, we will continue to assess other value accretive opportunities.

The board is pleased to propose a final dividend of R50 million (USD3.4 million). The re-initiation of dividends
demonstrates the progress our group has made in the last year.

We enter the new financial year with confidence, a firm grasp on our cost base, and in a good position to
benefit from the current gold price environment. In the year ahead, we will focus on debt reduction, whilst
also continuing to invest in our business."

Key features
 -    Gold production from the group's continuing mining operations increased by 54.1% to 172,442oz
      (2018: 111,879oz), exceeding the full-year production guidance of 170,000oz.
 -    Group revenue from continuing operations, in USD terms, increased by 49.1% to USD217.4 million
      (2018: USD145.8 million), due to an increase in gold ounces produced by the BTRP, the contribution
      from the newly commissioned Elikhulu Project and Barberton Mines' underground mining operations.
 -    Group profit after taxation increased to USD38.0 million (2018: loss after taxation USD122.8 million).
 -    Earnings per share ("EPS") increased significantly to 1.97 USD cents per share (2018: 6.79 USD
      cents loss per share).
 -    Headline earnings per share ("HEPS") increased by 20.2% to 1.19 USD cents per share (2018: 0.99
      USD cents per share). HEPS was supported by improved headline earnings, even though the
      weighted average number of shares in issue increased by 6.6% year-on-year

DIVIDENDS
Proposed dividend for the financial year ended 30 June 2019

The board has proposed a final dividend of R50 million for the 2019 financial year or approximately USD3.4
million equating to 2.23745 ZAR cents per share or approximately 0.12660 pence per share (0.15169 USD
cents per share) (2018: 0.00 ZAR cents per share). This dividend is subject to approval by shareholders at
the AGM, which will take place on Thursday, 28 November 2019.



Assuming the final dividend is approved by shareholders, the following salient dates would apply:

  Currency conversion date                                     Thursday, 28 November 2019
  Currency conversion announcement released by 11:00 (SA       Friday, 29 November 2019
  time)
  Last date to trade on the JSE                                Tuesday, 10 December 2019
  Last date to trade on the LSE                                Wednesday, 11 December 2019
  Ex-dividend date on the JSE                                  Wednesday, 11 December 2019
  Ex-dividend date on the LSE                                  Thursday, 12 December 2019
  Record date on the JSE and LSE                               Friday, 13 December 2019
  Payment date                                                 Monday, 30 December 2019


The GBP and USD proposed final dividend was calculated based on 2,234,687,537 total shares in issue
and an illustrative exchange rate of R18:25 and R14.75 respectively. Shareholders on the London register
should note that a revised exchange rate will be communicated in due course.

No transfers between the Johannesburg and London registers between the commencement of trading on
Wednesday, 11 December 2019 and close of business on Friday, 13 December 2019 will be permitted.

No shares may be dematerialised or rematerialised between Wednesday, 11 December 2019 and Friday,
13 December 2019, both days inclusive.


The South African dividends tax rate is 20% per ordinary share for shareholders who are liable to pay the
dividends tax, resulting in a net dividend of 1.78996 ZAR cents per share for these shareholders. Foreign
investors may qualify for a lower dividend tax rate, subject to completing a dividend tax declaration and
submitting it to Computershare Investor Services Proprietary Limited or Capita Plc who manage the SA
and UK register, respectively. The company's South African income tax reference number is 9154588173.
The proposed dividend will be paid out of the company's retained earnings, without drawing on any other
capital reserves.


The Company has a dual primary listing on the JSE in South Africa and the AIM market of the London Stock
Exchange.


The information in this announcement has been extracted from the Provisional Summarised Audited Results
for the year ended 30 June 2019, but the short-form announcement itself has not been reviewed by the
Company's auditors. The Provisional Summarised Audited Results have been prepared under the
supervision of the Financial Director, Deon Louw.
This short form announcement is the responsibility of the directors and is only a summary of the information
contained in the full announcement which is accessible via the JSE link at

https://senspdf.jse.co.za/documents/2019/jse/isse/pan/FYE2019.pdf

Copies of the full announcement are available on request by emailing [email protected]

Any investment decisions should be based on the full announcement and the group's detailed operational
and financial summaries which are disclosed on the Pan African website at
http://www.panafricanresources.com/investors/financial-reports/
 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
 [email protected]                                             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                                    John Prior
 St James's Corporate Services Limited                      Numis Securities Limited
 Company Secretary                                          Nominated Adviser and Joint Broker
 Office: + 44 (0) 20 7796 8644                              Office: +44 (0) 20 7260 1000
 Ciska Kloppers                                             Ross Allister/David McKeown
 Questco Corporate Advisory Proprietary Limited             Peel Hunt LLP
 JSE Sponsor                                                Joint Broker
 Office: + 27 (0) 11 011 9200                               Office: +44 (0) 20 7418 8900
 Julian Gwillim                                             Jeffrey Couch/Thomas Rider/Neil Elliot
 Aprio Strategic Communications                             BMO Capital Markets Limited
 Public & Investor Relations SA                   Joint Broker
 Office: +27 (0) 11 880 0037                                Office: +44 (0) 20 7236 1010
 Bobby Morse/Chris Judd                                     Website: www.panafricanresources.com
 Buchanan
 Public and Investor Relations UK
 Office: +44 (0) 20 7466 5000
 [email protected]

Meeting and conference call details are as follows:

DATE: 18 September 2019
TIME: 11:00 (SAST time), 10:00 (UK time)
VENUE: Batha Room, 54 on Bath, 54 Bath Avenue, Rosebank, Johannesburg

For those attending in person
Parking is available at Rosebank Mall. Refreshments will be served after the presentation.

For those dialling in
A live teleconference facility is available for dial-in participants on the following numbers. Please ask to be
joined to the Pan African Resources PLC call and provide your name and company upon entering the call.

UK listeners: 0 333 300 1418
SA listeners: 010 201 6800
South Africa toll free: 0800 200 648

Date: 18/09/2019 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Trading statement for the financial year ended 30 June 2019 and notice of results

2019/09/11 14:07:00
Trading statement for the financial year ended 30 June 2019 and notice of results

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African" or "the Company")



TRADING STATEMENT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2019 AND NOTICE OF RESULTS

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty
exists that the financial results for the period to be reported upon next, will differ by at least 20% from
those of the previous corresponding period.

The group's presentation currency changed for the financial year ended 30 June 2019 ("current
reporting period") to United States dollars ("USD") from pounds sterling ("GBP"). Reporting in USD
provides a more comparable presentation currency for the group's financial position, financial
performance and cash flow. All group subsidiaries are incorporated in South Africa and their functional
currency is South African rand ("ZAR"). The group's business is conducted in ZAR and the accounting
records are maintained in this same currency, except precious metal product sales, which are
conducted in USD prior to conversion into ZAR.
The ZAR:USD exchange rate affects the reporting of results in USD. For the current reporting period,
the average ZAR:USD exchange rate is used and, in the event of material transactions, the exchange
rate on the date of the transaction is used to translate earnings from ZAR to USD.

During the current reporting period, the average ZAR:USD exchange rate was R14.19:1 (2018:
R12.85:1) and the closing ZAR:USD exchange rate was R14.08:1 (2018: R13.72:1). The year-on-
year change in the average and closing exchange rates of 10.4% and 2.6%, respectively, must be
taken into account for the purposes of translating and comparing year-on-year results. Furthermore,
the weighted average number of shares in issue increased by 6.6% to 1,928.3 million shares (2018:
1,809.7 million shares), following the disposal of 130 million Pan African shares held by PAR Gold
(Pty) Ltd on 29 May 2018.

Pan African advises shareholders that its USD earnings per share ("EPS") and headline earnings per
share ("HEPS") in respect of its total and continuing operations for the current reporting period are
expected to be as follows:

                                  Year ended                                             Year ended
                                 30 June 2019                Year ended                 30 June 2019
              Expected results                                     Expected USD ranges
                                  (USD cents)               30 June 2018                  % change
                               Lower       Upper           GBP           USD         Lower        Upper
                               range       range         (pence)(4)    (cents)(3)    range        range
 Total operations
 EPS (1)                        1.63         2.32          (5.15)       (6.79)       124%         134%
 HEPS (2)                       1.14         1.24           0.73         0.99         15%         25%
 Continuing operations
 EPS(1)                         1.93         2.02           0.63         0.86        124%         134%
 HEPS (2)                       1.12         1.27           1.08         1.46        (23%)        (13%)

Notes

(1) EPS in the current reporting period includes the financial impact of a reversal of an impairment
    charge of USD17.9 million which was recognised following commencement of development at
    Evander Mines' 8 Shaft Pillar Project ("Pillar Project"). In the corresponding reporting period,
    following the cessation of large-scale underground mining operations at Evander Mines in May
    2018, an impairment charge of USD140.3 million was recognised of which USD129.5 million
    related to discontinued operations and USD10.8 million, which related to the ETRP, was
    recognised as part of continuing operations. The reversal of the impairment charge relates
    specifically to the property, plant and equipment previously impaired at Evander Mines in the
    corresponding reporting period which will be utilised by the Pillar Project.

(2) The movement in continuing operations HEPS is predominantly due to:
       - The weighted average number of shares in issue increasing by 6.6%; and
       - The ZAR:USD exchange rate depreciating by 10.4% to R14.19:1 (2018: R12.85:1), with
          the average USD gold price received decreasing by 2.7% to USD1,266/oz
          (2018: USD1,301/oz).

(3) EPS and HEPS in USD, using the average exchange rates for the corresponding reporting period.

(4) As previously presented, given that the corresponding reporting period's presentation currency
    was GBP.



The financial information contained in this announcement has neither been reviewed nor audited by
the company's auditors. The group's provisional summarised audited year-end results for the year
ended 30 June 2019 will be released on 18 September 2019.




For further information on Pan African, please visit the company's website at
www.panafricanresources.com

11 September 2019

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
[email protected]                                   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                          John Prior
St James's Corporate Services Limited            Numis Securities Limited
Company Secretary                                Nominated Adviser and Joint Broker
Office: + 44 (0)20 7796 8644                     Office: +44 (0)20 7260 1000
Ciska Kloppers                                   Ross Allister/David McKeown
Questco Corporate Advisory Proprietary Limited   Peel Hunt LLP
JSE Sponsor                                      Joint Broker
Office: + 27 (0)11 011 9200        Office: +44 (0)20 7418 8900
Julian Gwillim                                   Jeffrey Couch/Thomas Rider/Niel Elliot
Aprio Strategic Communications                   BMO Capital Markets Limited
Public & Investor Relations SA                   Joint Broker
Office: +27 (0)11 880 0037                       Office: +44 (0)20 7236 1010
Bobby Morse/Chris Judd                           Website: www.panafricanresources.com
Buchanan
Public and Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]

Date: 11/09/2019 02:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Appointment of Non-Executive Directors

2019/07/18 14:33:00
Appointment of Non-Executive Directors

Pan African Resources PLC
("Pan African" or "the company" or "the group")
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496

APPOINTMENT OF NON-EXECUTIVE DIRECTORS


Shareholders are advised that Yvonne Themba and Charles Needham have been appointed as independent
non-executive directors to the board of directors of Pan African with effect from 17 July 2019. Yvonne
Themba (aged 54) has over 30 years' experience as an executive within the insurance, mining,
telecommunication and investment industries. Charles Needham (aged 65) is a mining executive with
approximately 40 years' experience in the mining industry.

Pan African Chairman Keith Spencer commented: "The Board is delighted to welcome Yvonne and
Charles as independent non-executive directors, we believe they will further strengthen the
expertise available to our board, and we look forward to working with them."

Yvonne Themba and Charles Needham have confirmed that other than the information disclosed below
there are no matters to be disclosed under Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules.


Current directorships:

  Yvonne Themba:                                      Charles Needham:
  Adopt A School Foundation (NPO)                     Alphamin Resources Corporation
  Canadoce Investments Close Corporation (CC)         Divitiae Holdings Ltd
  Bo Themba Projects (Pty) Ltd    Imagined Earth (Pty) Ltd
  Clique Marketing (Pty) Ltd                          Kinsenda Copper Company SARL
  Pfortner Solutions (Pty) Ltd                        METPROP (Pty) Ltd
  Mathomo Packhouse (Pty) Ltd                         MetQuip (Pty) Ltd
  Talamati Asset Managers (Pty) Ltd                   Orpheus Property Holdings (Pty) Ltd
  Talamati Capital Managers (Pty) Ltd                 Ruashi Holdings (Pty) Ltd
  Jula Investments (Pty) Ltd
  Varsbegin (Pty) Ltd

Previous directorships held in the last 5 years:

  Yvonne Themba:                                      Charles Needham:
  ORCE (Pty) Ltd                                      Chibuluma Mines Plc
  New Era Agricultural Development (Pty) Ltd          Maranda Mines (Pty) Ltd
  AAS Logistics Investments (Pty) Ltd     Metorex Copper Corporation DRC (Pty) Ltd
  McDonald's Corporation (SA)                         Resolution Recycling CC
  Shanduka Properties (Pty) Ltd
  Shanduka Restaurants Company (Pty) Ltd
  MSA Devco (Pty) Ltd
  Great Karoo Meat Suppliers (Pty) Ltd
  18 Acacia Road (Pty) Ltd
  Phembani Share Scheme 2007 (Pty) Ltd
  The Todwil Company of SA (Pty) Ltd
  Alpha Investment Consulting Services (Pty) Ltd
  Lilitha Strategic Investments (Public Company)
  Black Umbrellas (NPO)
  Gidani (Pty) Ltd
  Shanduka Group (Pty) Ltd
  Shanduka Beverages (South Africa) (Pty) Ltd
  YTSM Group (Pty) Ltd
  Coca-Cola Shanduka Beverages South Africa (Pty)
  Ltd
  Shanduka Black Umbrellas Energy (Pty) Ltd
  Fevertree consulting (Pty) Ltd
  Grindrod (South Africa) Ltd
  Fuelogic (Pty) Ltd



Rosebank
18 July 2019
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
                                                   Office: + 44 (0) 207 796 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                                        John Prior
St James's Corporate Services Limited              Numis Securities Limited
Company Secretary                                  Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                      Office: +44 (0) 20 7260 1000
Ciska Kloppers                                     Ross Allister/David McKeown
Questco Corporate Advisory (Proprietary) Limited   Peel Hunt LLP
JSE Sponsor                                        Joint Broker
Office: + 27 (0) 11 011 9200                       Office: +44 (0) 207 418 8900
Julian Gwillim                                     Jeffrey Couch/Neil Elliot/Thomas Rider
Aprio Strategic Communications                     BMO Capital Markets Limited
Public & Investor Relations SA                     Joint Broker
Office: +27 (0)11 880 0037                         Office: +44 (0) 207 236 1010
Bobby Morse/Chris Judd                             Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]

Date: 18/07/2019 02:31:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Operational Update for the year ended 30 June 2019

2019/07/12 08:16:00
Operational Update for the year ended 30 June 2019

Pan African Resources PLC
("Pan African" or "the Company" or "the Group")
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496

OPERATIONAL UPDATE FOR THE YEAR ENDED 30 JUNE 2019

Pan African is pleased to provide an operational update for the year ended 30 June 2019 ("current reporting
period").

Pan African CEO Cobus Loots commented:

"Pan African has emerged at year-end as a safe, low-cost and long-life gold producer, following the
successful execution of our strategy. We exceeded the full year production guidance of 170,000 ounces,
resulting in the Group's gold production increasing by 7.5% to 172,442oz - or 54.1% on continuing operations
relative to the corresponding reporting period.

This has been delivered through the cessation of the high cost underground mining at Evander Mines, the
successful commissioning of the Elikhulu tailings retreatment plant, and Barberton Mines achieving a
significant increase in production. Critically, Barberton Mines achieved a historical milestone of 2 million
fatality free shifts during June 2019 and we commend the team for this safety achievement.

We continue to assess the optionality of our portfolio and are looking to build upon this year's momentum to
drive further growth. Evander's 8 Shaft Pillar mining is expected to contribute an additional 20,000oz to
30,000oz per annum for the next three years. The Group is currently reviewing the merits of expediting the
Egoli project and is assessing funding options. Progress is also being made with the underground mining
project feasibility study at Royal Sheba and we look forward to communicating the results to shareholders
in the near future.

We are also very mindful of the positive socio-economic impact that the mining industry has on communities
and are proud of the way we manage our stakeholder relations. That said, we continue to experience certain
challenges amongst specific stakeholder groups, which have impacted Barberton Mines, and are working in
conjunction with law enforcement and other stakeholders to remedy the situation.

As previously announced, the 2020 financial year production guidance will be approximately 185,000oz,
representing an important increase in our year-on-year gold production profile."


OPERATIONAL RESULTS

Key highlights for the current reporting period relative to the corresponding 12 months ended 30 June 2018
("corresponding reporting period"):

-    Gold production from the Group's continuing mining operations increased by 54.1% to 172,442oz (2018:
     111,879oz) (Note 1).
-    Gold production from the Group's continuing and discontinued operations increased by 7.5% to
     172,442oz (2018: 160,444oz).
-    Barberton Mines:
           o Production from the Barberton complex increased by 9.6% to 99,363oz (2018: 90,629oz);
           o Underground and surface mining increased by 3.1% to 75,356oz (2018: 73,125oz); and
           o Barberton tailings retreatment plant ("BTRP") production increased by 37.2% to 24,007oz (2018:
             17,504oz) due to an improved tonnage throughput and recoveries following the successful
             commissioning of the BTRP regrind mill in May 2018.
-    Elikhulu tailings retreatment plant ("Elikhulu"):
           o Processed 10.85-million tonnes from September 2018 to June 2019;
           o Achieved a recovered grade of 0.133g/t; and
           o Gold produced of 46,201oz (1,437kg), which excludes pre-production gold of 736oz (22.9kg)
            capitalised as pre-production income and gold inventory locked-up in the Elikhulu circuit. The
            production figures include the 200,000 tonnes per month throughput from the Evander tailings
            retreatment plant ("ETRP"), which was incorporated into Elikhulu with effect from January 2019,
     which increased Elikhulu's processing capacity to 1.2-million tonnes per month.
-    Evander Mines:
          o Remnant mining and surface sources contributed a further 26,878oz (2018: 21,250oz).
     Note 1: The continuing mining operations include: Barberton Mines, Evander Mines' Elikhulu and ETRP as well as the mining
     and vamping of the remnant high-grade stopes as part of the phased closure of the Evander Mines' underground mining
     operation. The continuing mining operations exclude the discontinued Evander Mines' large-scale underground mining operation,
     which produced 48,656oz in the corresponding reporting period.



SAFETY

The Group's focus on safety and related ongoing improvements continues to bear fruit, with material
improvements in all categories of safety statistics during the current reporting period:
       o The Group had no fatalities in the current or prior financial year;
       o The Group's lost-time injury frequency rate per million man hours improved substantially to 2.12
          (2018: 3.73);
       o The reportable injury frequency rate per million man hours improved substantially to 0.51 (2018:
          1.08); and
       o Barberton Mines achieved 2-million fatality free shifts during June 2019.


RESTRUCTURE OF REVOLVING CREDIT FACILITY ("RCF") DEBT FACILITY AND INTRODUCTION
OF A GOLD LOAN

The restructured RCF facility referred to in the operational update announced on 17 May 2019, became
effective on 3 June 2019. The Group's senior debt will amortise in terms of the following repayment profile:

               RCF available
    Amortisation profile                 balance                        Repayments
                                         (R million)                    (R million)
    Up to 15 June 2020                                        1,000                           250
    15 June 2020                                                750                            25
    15 December 2020                                            725                            25
    15 June 2021                                                700                            50
    15 September 2021                                           650                            50
    15 December 2021                                            600                            50
    15 March 2022                                               550                            50
    15 June 2022                                                500                           500

The repayment profile of the Elikhulu project's term debt facility, comprising quarterly, equal principal
instalments of R50 million, commencing in September 2019, is unaffected by the restructuring of the RCF.

In light of the strong prevailing rand gold price and the opportunity it presents to lock in an attractive cash
margin and reduce interest costs, the Group entered into a gold loan for 20,000oz with Rand Merchant Bank
("RMB") a division of First Rand Bank Limited, in July 2019. In exchange for an upfront cash receipt of R394
million, the Group will deliver 12 monthly instalments of 1666.67oz to RMB, commencing on 31 July 2019,
in settlement of the gold loan.

The gold loan effectively locks in a gold price of approximately R633,000/kg or US$1,414/oz on 622kg of
gold, representing approximately 11% of the Group's guided gold production for the 2020 financial year. The
proceeds of this gold loan will be used to reduce the balance of the RCF debt, resulting in a material interest
saving for the Group over the next 12 months.
                                                                                                                                2
PROTEST ACTION AFFECTING BARBERTON MINES

Barberton Mines has recently experienced a number of lost production days due to its roadways being
blocked and the destruction of mine property by protestors demanding employment and commercial
concessions from the mine.

These protests are unrelated to normal industrial action and are initiated and supported by politicians and
criminals who believe that extortion by means of violence is a legitimate social objective. The mine has been
supported by the South African Police's Public Order Policing Division to control these protests, protect Pan
African's employees and preserve its assets.

Whilst Pan African is cognisant of the levels of unemployment in South Africa and the resultant social impact
flowing therefrom, these actions will only exacerbate the country's economic problems and further
disincentivises investment in the mining sector.

Pan African will take the appropriate action to protect its employees and assets in the interest of all its
stakeholders, supported by the South African law enforcement authorities. Interdicts have been served and
further criminal and civil actions will follow against certain individuals and organisations. The Company will
keep its stakeholders informed of developments.

The financial and other information contained in this announcement has neither been reviewed nor audited
by the Company's external auditors.

For further information    on        Pan    African,    please    visit   the   Company's      website     at
www.panafricanresources.com.

Rosebank
12 July 2019


                                                                                                            3
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
                                                   Office: + 44 (0) 207 796 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                                        John Prior
St James's Corporate Services Limited              Numis Securities Limited
Company Secretary                                  Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                      Office: +44 (0) 20 7260 1000
Ciska Kloppers                                     Ross Allister/David McKeown
Questco Corporate Advisory (Proprietary) Limited   Peel Hunt LLP
JSE Sponsor                                        Joint Broker
Office: + 27 (0) 11 011 9200                       Office: +44 (0) 207 418 8900
Julian Gwillim                                     Jeffrey Couch/Neil Elliot/Thomas Rider
Aprio Strategic Communications                     BMO Capital Markets Limited
Public & Investor Relations SA                     Joint Broker
Office: +27 (0)11 880 0037                         Office: +44 (0) 207 236 1010
Bobby Morse/Chris Judd                             Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]




                                                                                            4

Date: 12/07/2019 08:11:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Standard form for notification of major holdings

2019/07/01 11:02:00
TR-1: Standard form for notification of major holdings

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("the Company")




TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft
Word format if possible)i

1a. Identity of the issuer or the underlying issuer
                                                                                       Pan African Resources Plc
of existing shares to which voting rights are at-
tachedii:
1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights                                                                 X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv
                                                         Coronation Asset Management (Pty) Ltd acting as dis-
Name                                                     cretionary investment manager on behalf of managed
                                                         portfolios.
City and country of registered office (if applicable)    Cape Town, South Africa

4. Full name of shareholder(s) (if different from 3.)v

Name                                                     N/A

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or
                                                           01/07/2019
reachedvi:


      1
6. Date on which issuer notified (DD/MM/YYYY):                     01/07/2019

7. Total positions of person(s) subject to the notification obligation
                                                        % of voting rights
                          % of voting rights at-                                                             Total number of
          through financial instru-       Total of both in %
                          tached to shares (to-                                                              voting rights of is-
                                                               ments                   (8.A + 8.B)
                               tal of 8. A)                                                                  suervii
                                                     (total of 8.B 1 + 8.B 2)
Resulting situation
on the date on which
                          5.86%                                                   5.86%                      2 234 687 537
threshold was
crossed or reached
Position of previous
notification (if          6.96%                                                   6.96%
applicable)


8. Notified details of the resulting situation on the date on which the threshold was crossed or
reachedviii
A: Voting rights attached to shares
Class/type of             Number of voting rightsix                            % of voting rights
shares
ISIN code (if possible)           Direct                  Indirect                      Direct                    Indirect
        (Art 9 of Directive     (Art 10 of Directive          (Art 9 of Directive       (Art 10 of Directive
                           2004/109/EC) (DTR5.1)        2004/109/EC)             2004/109/EC) (DTR5.1)          2004/109/EC)
                                                          (DTR5.2.1)                                              (DTR5.2.1)

GB0004300496              130 993 050                                                5.86%




SUBTOTAL 8. A                               130 993 050                                              5.86%




B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
                                                                             Number of voting rights
Type of financial in-     Expiration       Exercise/                         that may be acquired if
                                                                                                          % of voting rights
strument                  datex            Conversion Periodxi               the instrument is
                                                                             exercised/converted.




                                SUBTOTAL 8. B 1




                                                                                                                            2
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive
2004/109/EC (DTR5.3.1.1 (b))
                                          Exercise/             Physical or
Type of financial     Expiration                                                     Number of
                                          Conversion Pe-        cash                                     % of voting rights
instrument            datex                                                          voting rights
                                          riod xi               settlementxii




                                           SUBTOTAL
                                                                8.B.2


9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")
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 xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity xiv       X
(please add additional rows as necessary)
                                                                    % of voting rights
                                 % of voting rights if it                                            Total of both if it
                                                                  through financial in-
                                  equals or is higher                                               equals or is higher
          Namexv                                                  struments if it equals
                                  than the notifiable                                               than the notifiable
                                                                  or is higher than the
                                       threshold                                                        threshold
               notifiable threshold
Coronation Fund Managers
Ltd
Coronation Investment
Management SA (Pty) Ltd
Coronation Asset Manage-
                                            5.86%                                                            5.86%
ment (Pty) Ltd




10. In case of proxy voting, please identify:
Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held




                                                                                                                       3
11. Additional informationxvi




Place of completion          Cape Town, South Africa

Date of completion           01 July 2019

Annex: Notification of major holdings (to be filed with the FCA only)



A: Identity of the person subject to the notification obligation

Full name (including legal form for legal entities)                            Coronation Asset Management (Pty) Ltd


                                                                 7th Floor, Montclare Place, Corner of Campground and
Contact address (registered office for legal entities)
                                                                             Main Roads, Claremont, South Africa, 7708

E-Mail                                                                                          [email protected]

Phone number / Fax number                                                                               +27 21 680 2000

                                                                Coronation Asset Management (Pty) Ltd as investment
Other useful information
                                                               manager acts on behalf of various clients holding PAN in
(at least legal representative for legal persons)
                                                                                                          their portfolios



B: Identity of the notifier, if applicable

Full name                                                                   Stephan Kemp

                                                                 7th Floor, Montclare Place, Corner of Campground and
Contact address
                                                                             Main Roads, Claremont, South Africa, 7708

E-Mail                               [email protected]

Phone number / Fax number                                                                               +27 21 680 2000

Other useful information (e.g. functional relationship with
                                                                  Compliance Officer at Coronation Asset Management
the person or legal entity subject to the notification obli-
                                                                                                            (Pty) Ltd
gation)




                                                                                                                  4
C: Additional information




     Please send the completed form together with this annex to the FCA at the following email
     address: [email protected] Please send in Microsoft Word format if possible.



Rosebank
1 July 2019


  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
  Facsimile: + 27 (0) 11 880 1240                    Office: + 44 (0) 207 796 8644
                                                     Facsimile: + 44 (0) 207 796 8645
  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                                        John Prior/Paul Gillam
  St James's Corporate Services Limited              Numis Securities Limited
  Company Secretary                                  Nominated Adviser and Joint Broker
  Office: + 44 (0) 207 796 8644                      Office: +44 (0) 20 7260 1000
  Ciska Kloppers                                     Ross Allister/James Bavister/David McKeown
  Questco Corporate Advisory (Proprietary) Limited   Peel Hunt LLP
  JSE Sponsor                                        Joint Broker
  Office: + 27 (0) 11 011 9200                       Office: +44 (0) 207 418 8900
  Julian Gwillim                                     Jeffrey Couch/Neil Haycock/Thomas Rider
  Aprio Strategic Communications                     BMO Capital Markets Limited
  Public & Investor Relations SA                     Joint Broker
  Office: +27 (0)11 880 0037                         Office: +44 (0) 207 236 1010
  Bobby Morse and Chris Judd                         Website: www.panafricanresources.com
  Buchanan
  Public & Investor Relations UK
  Office: +44 (0)20 7466 5000
  [email protected]




                                                                                                  5

Date: 01/07/2019 11:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Standard form for notification of major holdings

2019/06/05 12:20:00
TR-1: Standard form for notification of major holdings

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("the Company")

TR-1: Standard form for notification of major holdings

  NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft
  Word format if possible)i

  1a. Identity of the issuer or the underlying issuer
                                                                                       Pan African Resources Plc
  of existing shares to which voting rights are at-
  tachedii:
  1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
  Non-UK issuer

  2. Reason for the notification (please mark the appropriate box or boxes with an "X")

  An acquisition or disposal of voting rights                                                                X

  An acquisition or disposal of financial instruments

  An event changing the breakdown of voting rights

  Other (please specify)iii:

  3. Details of person subject to the notification obligationiv
                                                           Coronation Asset Management (Pty) Ltd acting as dis-
  Name                                                     cretionary investment manager on behalf of managed
                                                           portfolios.
  City and country of registered office (if applicable)    Cape Town, South Africa

  4. Full name of shareholder(s) (if different from 3.)v

  Name                                                     N/A

  City and country of registered office (if applicable)

  5. Date on which the threshold was crossed or
                                                           05/06/2019
  reachedvi:

  6. Date on which issuer notified (DD/MM/YYYY):           05/06/2019
7. Total positions of person(s) subject to the notification obligation
                                                        % of voting rights
                          % of voting rights at-                                                            Total number of
                                                    through financial instru-      Total of both in %
       tached to shares (to-                                                             voting rights of is-
                                                               ments                  (8.A + 8.B)
                               tal of 8. A)                                                                 suervii
                                                     (total of 8.B 1 + 8.B 2)
                                                                                                            2 234 687 537



Resulting situation
on the date on which
                          6.96%                                                  6.96%
threshold was
crossed or reached




Position of previous
notification (if          7.09%                                                  7.09%
applicable)


8. Notified details of the resulting situation on the date on which the threshold was crossed or
reachedviii
A: Voting rights attached to shares
Class/type of             Number of voting rightsix                          % of voting rights
shares
ISIN code (if possible)           Direct                  Indirect                     Direct                    Indirect
              (Art 9 of Directive     (Art 10 of Directive         (Art 9 of Directive       (Art 10 of Directive
                           2004/109/EC) (DTR5.1)        2004/109/EC)            2004/109/EC) (DTR5.1)          2004/109/EC)
                                                          (DTR5.2.1)                                             (DTR5.2.1)

GB0004300496              155 546 912                                                  6.96%




SUBTOTAL 8. A                              155 546 912                                              6.96%
       B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
                                                                                 Number of voting rights
       Type of financial in-      Expiration     Exercise/                       that may be acquired if
                                                                                                                % of voting rights
       strument                   datex          Conversion Periodxi             the instrument is
                                                                                 exercised/converted.




                                                 SUBTOTAL 8. B 1



       B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive
       2004/109/EC (DTR5.3.1.1 (b))
                                                 Exercise/             Physical or
       Type of financial     Expiration                                                      Number of
                                                 Conversion Pe-        cash                                     % of voting rights
       instrument            datex                                                           voting rights
                                                 riod xi               settlementxii




      SUBTOTAL
                                                                       8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")
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 xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity xiv     X
(please add additional rows as necessary)
                                                                    % of voting rights
        % of voting rights if it                                            Total of both if it
                                                                  through financial in-
                                  equals or is higher                                               equals or is higher
          Name    xv
                                                                  struments if it equals
                                  than the notifiable                                               than the notifiable
                                                                  or is higher than the
                                       threshold                                                        threshold
                                                                   notifiable threshold
Coronation Fund Managers
Ltd
Coronation Investment
Management SA (Pty) Ltd
Coronation Asset Manage-
                                            6.96%                                                            6.96%
ment (Pty) Ltd
10. In case of proxy voting, please identify:
Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held



11. Additional informationxvi




   Place of completion          Cape Town, South Africa

   Date of completion           05 June 2019

   Annex: Notification of major holdings (to be filed with the FCA only)




   A: Identity of the person subject to the notification obligation

   Full name (including legal form for legal entities)                      Coronation Asset Management (Pty) Ltd


                                                              7th Floor, Montclare Place, Corner of Campground and
   Contact address (registered office for legal entities)
                                                                          Main Roads, Claremont, South Africa, 7708

   E-Mail                                                                                    [email protected]

   Phone number / Fax number                                                                         +27 21 680 2000

                                                             Coronation Asset Management (Pty) Ltd as investment
   Other useful information
                                                            manager acts on behalf of various clients holding PAN in
   (at least legal representative for legal persons)
                                                                                                       their portfolios



   B: Identity of the notifier, if applicable

   Full name                                                                                           Stephan Kemp

                                                              7th Floor, Montclare Place, Corner of Campground and
   Contact address
                                                                          Main Roads, Claremont, South Africa, 7708

   E-Mail                                                                                    [email protected]
Phone number / Fax number                                                                        +27 21 680 2000

Other useful information (e.g. functional relationship with
                                                               Compliance Officer at Coronation Asset Management
the person or legal entity subject to the notification obli-
                                                                                                         (Pty) Ltd
gation)



C: Additional information




Rosebank
5 June 2019

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
Facsimile: + 27 (0) 11 880 1240                    Office: + 44 (0) 207 796 8644
                                                   Facsimile: + 44 (0) 207 796 8645
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                                        John Prior/Paul Gillam
St James's Corporate Services Limited              Numis Securities Limited
Company Secretary                                  Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                      Office: +44 (0) 20 7260 1000
Ciska Kloppers                                     Ross Allister/James Bavister/David McKeown
Questco Corporate Advisory (Proprietary) Limited   Peel Hunt LLP
JSE Sponsor                                        Joint Broker
Office: + 27 (0) 11 011 9200                       Office: +44 (0) 207 418 8900
Julian Gwillim                 Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                     BMO Capital Markets Limited
Public & Investor Relations SA                     Joint Broker
Office: +27 (0)11 880 0037                         Office: +44 (0) 207 236 1010
Bobby Morse and Chris Judd                         Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]

Date: 05/06/2019 12:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Operational update for the nine months ended 31 March 2019

2019/05/17 08:05:00
Operational update for the nine months ended 31 March 2019

Pan African Resources PLC
("Pan African" or "the Company" or "the Group")
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496

OPERATIONAL UPDATE FOR THE NINE MONTHS ENDED 31 MARCH 2019

Pan African is pleased to provide an operational update for the nine months ended 31 March 2019 ("Current
Reporting Period") as well as detail on progress with internal growth projects and initial production guidance
for the 2020 financial year.

Pan African CEO Cobus Loots commented:

"The Group's performance over the past nine months reflects our efforts to maintain Pan African's position
as a safe, low-cost and long-life gold producer. Safe, highly profitable and sustainable ounces at Elikhulu
have replaced those of Evander's loss-making underground operations. We continue to optimise Elikhulu,
which delivered a throughput of 1.3-million tonnes in March 2019, 100,000 tonnes above the name plate
capacity. The focus is now on maximising sustainable margins from this world-class operation.

We have commenced the development and equipping of Evander Mines' 8 Shaft Pillar ("Evander Pillar
operation"), with first gold expected in August 2019. The Evander 8 Shaft Pillar is expected to contribute an
additional 20,000oz to 30,000oz per annum for three years, at an all-in sustaining costs ("AISC") of
approximately US$900 per ounce, therefore making a meaningful contribution to the Group's near-term
production and profitability. The operation will be mined by a specialised and experienced independent
contractor given the nature of pillar mining.

We have completed extensive feasibility work on Barberton Mines' Royal Sheba project ("Royal Sheba
Project"). Due to the Group's disciplined capital allocation criteria and the capital cost estimates to develop
this mine, the Company will not pursue the Royal Sheba Project on a stand-alone basis. The existing
Barberton Mines' processing plant infrastructure can be upgraded to process ore from this orebody. The
benefits of this approach is the ability to expedite the environmental licencing process, shorten the timeline
to production, enhance returns from mining this orebody and negate the requirement for external capital
funding. We look forward to updating the market on this project in the months ahead.

We are confident the Group remains on track to meet its gold production guidance of 170,000oz for the full
financial year to end 30 June 2019. With Elikhulu producing at a steady state for a full year and the
incremental contribution from Evander's Pillar operation, we expect to produce approximately 185,000oz of
gold for the 2020 financial year, which is a sizeable increase in our gold production profile."

Key highlights for the current reporting period

Operational results:

-    Gold production from the Group's continuing mining operations (note 1) increased by 51.4% to
     123,771oz (2018: 81,729oz), with robust performances from Barberton Mines' underground operations
     and the Group's tailings retreatment plants.
         o Gold production from the Barberton complex increased by 11.7% to 72,944oz (2018: 65,297oz)
                 - Underground and surface mining increased by 3.4% to 54,857oz (2018: 53,034oz); and
                 - Barberton tailings retreatment plant ("BTRP") increased by 47.5% to 18,087oz (2018:
                      12,263oz) due to an improved tonnage throughput and recoveries following the
                      successful commissioning of the BTRP regrind mill in May 2018.
         o The Elikhulu tailings retreatment plant ("Elikhulu") processed 6,915,113 tonnes from September
             2018 to March 2019 at a recovered grade of 0.135g/t with 29,881oz (929.4kg) of gold sold. This
             excludes the pre-production gold of 736oz (22.9kg) capitalised as pre-production income and
             gold inventory locked-up in the Elikhulu circuit;
         o As previously communicated, the incorporation of the historical Evander tailings retreatment
             plant's ("ETRP") throughput of 200,000 tonnes per month into Elikhulu was completed in


                  1
              December 2018, which increased Elikhulu's processing capacity to 1.2-million tonnes per
              month;
          o   Elikhulu's all-in sustaining cost of production continues to be lower than previously anticipated,
              at less than US$600/oz; and
          o   Evander Mines' remnant mining and surface sources contributed a further 20,946oz (2018:
              16,432oz).

    Note 1: The continuing mining operations include: Barberton Mines, Evander Mines, Elikhulu and Evander's tailings retreatment
    plant ("ETRP") as well as the mining and vamping of the remnant high-grade stopes as part of the phased closure of the
    underground mining operation. The continuing mining operations exclude the discontinued Evander Mines' large-scale
    underground mining operation, which produced 42,118oz in the corresponding nine months ended 31 March 2018
    ("corresponding reporting period"). The Group's corresponding reporting period gold production, including discontinued
    operations, was 123,845oz.

Safety:

-   The Group's focus on safety and related ongoing improvements continues to bear fruit, with material
    improvements in all categories of safety statistics during the current reporting period:
        o The Group had no fatalities in this quarter (2018: no fatalities);
        o The Group's lost-time injury frequency rate improved substantially to 1.75 (2018: 3.79); and
        o The reportable injury frequency rate improved substantially to 0.58 (2018: 1.17).

Evander 8 Shaft Pillar:

-   The feasibility study into the merits of mining the Evander 8 Shaft Pillar and high-grade areas in proximity
    to the pillar has been completed and the Pan African board of directors has approved the development
    of the project.
-   Development and equipping of this area has already commenced, with first gold expected during August
    2019.
-   The Evander 8 Shaft Pillar will replace the current remnant underground mining and vamping production
    and is expected to contribute, on average, 30,000oz per annum over the next three financial years, with
    approximately 20,000oz of production forecast for FY2020.

-   The Evander 8 Shaft Pillar mining feasibility highlights are:
       o An average all-in sustaining cost of approximately R415,000/kg or US$900/oz over the life of
           the project (assuming US$/ZAR1:14.30);
       o The existing Kinross processing plant and Evander's 7 Shaft infrastructure will be used to treat
           and hoist the mined ore from the Evander 8 Shaft Pillar;
       o Capital expenditure of approximately R70 million is to be incurred over the life of the project, of
           which R40 million is to be incurred upfront. All capital for the Evander 8 Shaft Pillar's
           development will be funded from existing Group facilities; and
       o A forecast payback period on the initial capital investment of less than one year, from
           commencement of mining, and a net present value of R369 million (US$25.8 million) at a 10%
           real discount rate and an assumed gold price of R600,000/kg or US$1,305/oz.

Royal Sheba Project:

-   The Group has completed the Royal Sheba project feasibility study and concluded that the merits of
    mining the near-surface resource, using an opencast mining method, did not meet the Group's
    disciplined capital allocation criteria. This was as a result of higher than anticipated capital expenditure,
    largely due to the challenging topography of the Sheba valley.

-   The emphasis is now to assess the merits of using an underground sub-level open stoping mining
    method by developing haulages from surface into the orebody. The existing Barberton Mines' processing
    plant infrastructure can be upgraded to process ore from this orebody, which will substantially reduce
    the originally contemplated capital expenditure, and shorten the environmental licensing approval
    process.

-   Shareholders will be updated on progress with Royal Sheba development plans in the coming months.




                                                                                                                               2
Restructure of Revolving Credit Facility ("RCF"):

-   The Group has received final credit approvals from its consortium of bankers and is finalising the legal
    agreements with the intent of having the restructured facility effective by 30 June 2019. The proposed
    restructured RCF will amortise according to the following repayment profile:

                                   RCF available
      Amortisation profile         balance                   Repayments
                                   (R million)               (R million)
      Up to 15 June 2020                      1,000                       250
      15 June 2020                                     750                       25
      15 December 2020                                 725                       25
      15 June 2021                                     700                       50
      15 September 2021                                650                      50
      15 December 2021                                 600                      50
      15 March 2022                                    550                      50
      15 June 2022                                     500                      500

-   The repayment profile of the Elikhulu project's term debt facility, comprising 10 semi-annual, equal
    principal instalments of R100 million, commencing in December 2019, is unaffected by the restructuring
    of the RCF.

The financial and other information contained in this announcement has neither been reviewed nor audited
by the Company's external auditors.

For further information on           Pan    African,    please    visit   the    Company's    website     at
www.panafricanresources.com.



Rosebank
17 May 2019




                                                                                   3
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
                                                 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                                      John Prior
St James's Corporate Services Limited            Numis Securities Limited
Company Secretary                                Nominated Adviser and Joint Broker
Office: + 44 (0)20 7796 8644                     Office: +44 (0)20 7260 1000
Ciska Kloppers                                  Ross Allister/David McKeown
Questco Corporate Advisory Proprietary Limited   Peel Hunt LLP
JSE Sponsor                                      Joint Broker
Office: + 27 (0)11 011 9200                      Office: +44 (0)20 7418 8900
Julian Gwillim                                   Jeffrey Couch/Thomas Rider/Neil Elliot
Aprio Strategic Communications                   BMO Capital Markets Limited
Public & Investor Relations SA                   Joint Broker
Office: +27 (0)11 880 0037                       Office: +44 (0)20 7236 1010
Bobby Morse/Chris Judd                           Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]




                                            4

Date: 17/05/2019 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Standard form for notification of major holdings

2019/05/07 14:36:00
TR-1: Standard form for notification of major holdings

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("the Company")


TR-1: Standard form for notification of major holdings

  NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft
  Word format if possible)i

  1a. Identity of the issuer or the underlying issuer
                                                                                       Pan African Resources Plc
  of existing shares to which voting rights are at-
  tachedii:
  1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
  Non-UK issuer

  2. Reason for the notification (please mark the appropriate box or boxes with an "X")

  An acquisition or disposal of voting rights                                                                 X

  An acquisition or disposal of financial instruments

  An event changing the breakdown of voting rights

  Other (please specify)iii:

  3. Details of person subject to the notification obligationiv
                                                           Coronation Asset Management (Pty) Ltd acting as dis-
  Name                                                     cretionary investment manager on behalf of managed
                                                           portfolios.
  City and country of registered office (if applicable)    Cape Town, South Africa

  4. Full name of shareholder(s) (if different from 3.)v

  Name                                                     N/A

  City and country of registered office (if applicable)

  5. Date on which the threshold was crossed or
                                                           07/05/2019
  reachedvi:

  6. Date on which issuer notified (DD/MM/YYYY):           07/05/2019



                                                                                                          1
7. Total positions of person(s) subject to the notification obligation
                                                        % of voting rights
                          % of voting rights at-                                                             Total number of
                                             through financial instru-       Total of both in %
                          tached to shares (to-                                                              voting rights of is-
                                                               ments                   (8.A + 8.B)
                               tal of 8. A)                                  suervii
                                                     (total of 8.B 1 + 8.B 2)
Resulting situation
on the date on which
                          7.09%                                                   7.09%                      2 234 687 537
threshold was
crossed or reached
Position of previous
notification (if          6.99%                    6.99%
applicable)


8. Notified details of the resulting situation on the date on which the threshold was crossed or
reachedviii
A: Voting rights attached to shares
Class/type of             Number of voting rightsix                            % of voting rights
shares
ISIN code (if possible)           Direct                  Indirect                      Direct    Indirect
                              (Art 9 of Directive     (Art 10 of Directive          (Art 9 of Directive       (Art 10 of Directive
                           2004/109/EC) (DTR5.1)        2004/109/EC)             2004/109/EC) (DTR5.1)          2004/109/EC)
                                                          (DTR5.2.1)                                              (DTR5.2.1)

GB0004300496              158 614 379                                                   7.09%




SUBTOTAL 8. A                               158 614 379                                              7.09%




B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
                                                                             Number of voting rights
Type of financial in-     Expiration       Exercise/                         that may be acquired if
                                                                                                          % of voting rights
strument                  datex            Conversion Periodxi               the instrument is
                                                                             exercised/converted.




                                           SUBTOTAL 8. B 1



B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive
2004/109/EC (DTR5.3.1.1 (b))



                                                                                                                            2
                                          Exercise/    Physical or
Type of financial     Expiration                                                     Number of
                                          Conversion Pe-        cash                                     % of voting rights
instrument            datex                                                          voting rights
                                          riod xi               settlementxii




                                                                SUBTOTAL
                                                                8.B.2




9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")
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 xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity xiv       X
(please add additional rows as necessary)
                            % of voting rights
                                 % of voting rights if it                                            Total of both if it
                                                                  through financial in-
                                  equals or is higher                                               equals or is higher
          Namexv                                          struments if it equals
                                  than the notifiable                                               than the notifiable
                                                                  or is higher than the
                                       threshold                                                        threshold
                                                      notifiable threshold
Coronation Fund Managers
Ltd
Coronation Investment
Management SA (Pty) Ltd
Coronation Asset Manage-
                                            7.09%                                                            7.09%
ment (Pty) Ltd




10. In case of proxy voting, please identify:
Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held




                                                                                                                       3
11. Additional informationxvi




Place of completion     Cape Town, South Africa

Date of completion      7th May 2019




Rosebank
7 May 2019





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
Facsimile: + 27 (0) 11 880 1240                    Office: + 44 (0) 207 796 8644
                                                   Facsimile: + 44 (0) 207 796 8645
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                                        John Prior/Paul Gillam
St James's Corporate Services Limited              Numis Securities Limited
Company Secretary                                  Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                      Office: +44 (0) 20 7260 1000
Mandy Ramsden                             Ross Allister/James Bavister/David McKeown
Questco Corporate Advisory (Proprietary) Limited   Peel Hunt LLP
JSE Sponsor                                        Joint Broker
Office: + 27 (0) 11 011 9200                       Office: +44 (0) 207 418 8900
Julian Gwillim                                     Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                     BMO Capital Markets Limited
Public & Investor Relations SA                     Joint Broker
Office: +27 (0)11 880 0037                         Office: +44 (0) 207 236 1010
Bobby Morse and Chris Judd                         Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]




                                                                               5

Date: 07/05/2019 02:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Resignation of Non-Executive Director

2019/04/03 13:04:00
Resignation of Non-Executive Director

Pan African Resources PLC
("Pan African" or "the company" or "the group")
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496

RESIGNATION OF NON-EXECUTIVE DIRECTOR

In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, shareholders are
informed of the resignation of Mr Rowan Smith as an independent non-executive director with effect from
3 April 2019. Mr Smith has been an independent non-executive director for more than four years, and is
resigning to pursue other interests. The board of directors, which now consists of three independent non-
executive and two executive directors, has commenced a process to appoint a suitable replacement non-
executive director.

Pan African Chairman Keith Spencer commented: "The board of directors would like to thank Rowan for
his invaluable contribution to Pan African over the past years, and we wish him well in his future endeavours."


Rosebank
3 April 2019

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
Facsimile: + 27 (0)11 880 1240                   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                                      John Prior/Paul Gillam
St James's Corporate Services Limited            Numis Securities Limited
Company Secretary                                Nominated Adviser and Joint Broker
Office: + 44 (0)20 7796 8644                     Office: +44 (0)20 7260 1000
Marian Gaylard                                   Ross Allister/David McKeown
Questco Corporate Advisory Proprietary Limited   Peel Hunt LLP
JSE Sponsor                                      Joint Broker
Office: + 27 (0)11 011 9200                      Office: +44 (0)20 7418 8900
Julian Gwillim                                   Jeffrey Couch/Thomas Rider/Neil Elliot
Aprio Strategic Communications                   BMO Capital Markets Limited
Public & Investor Relations SA                   Joint Broker
Office: +27 (0)11 880 0037                  Office: +44 (0)20 7236 1010
Bobby Morse/Chris Judd                           Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]

Date: 03/04/2019 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Unaudited Interim Financial Results

2019/02/20 09:07:00
Unaudited Interim Financial Results

Pan African Resources PLC
("Pan African" or the "company" or the "group") 
(Incorporated and registered on 25 February 2000 in England and Wales under the Companies Act 1985, 
registration number 3937466) 
Share code on AIM: PAF
Share code on JSE: 
PAN ISIN: GB0004300496

www.panafricanresources.com

Unaudited interim financial results for the six months ended 31 December 2018

Chief executive officer's statement
Pan African CEO Cobus Loots commented:
"Pan African Resources is pleased to report a robust operational, financial and safety performance for 
the six months ended 31 December 2018. The group is now positioned as a low cost and long-life gold producer, 
in line with our stated strategy and our shareholders' expectations.

Our combined underground and tailings operations are some of the lowest-cost gold producers in South Africa and
also internationally competitive, from an all-in sustaining cost perspective. In the current reporting period, 
the group's all-in sustaining cost per ounce in USD terms improved materially to USD975/oz (2017: USD1,268/oz), 
emphasising the quality of our operations, the impact of low-cost ounces from Elikhulu and also the other 
business improvements implemented.

We recorded a significantly improved group safety performance during the current reporting period, with 
Barberton's Fairview Mine reaching its one-million fatality free shift milestone during July 2018.

The construction of our flagship Elikhulu tailings retreatment facility at Evander has been successfully 
completed, despite the challenges associated with delivering a project of this magnitude and complexity, on 
time and within budget. The plant is on track to achieve throughput of approximately 1.2-million tonnes per 
month in February 2019.

Barberton Mines benefited from increased underground mining flexibility at its high-grade Fairview 272 and 
358 mining platforms. The Barberton tailings retreatment facility also significantly improved production, 
following the successful commissioning of this facility's regrind mill during May 2018.

Group profit after tax increased by 136.8% to R137.8 million (GBP: 127.3% increase to GBP7.5 million), and 
group earnings per share from combined operations increased by 121.4% to 7.15 cents per share (GBP: 116.7% 
increase to 0.39 pence per share).

Pan African has an attractive pipeline of near- to medium-term growth projects. The completion of the 
drilling programme at Barberton Mines' Royal Sheba prospect indicated a near-surface mineral resource of 
0.37Moz. We are excited by the potential to access low-cost, near-surface ounces at Royal Sheba and will 
communicate results of the feasibility study to stakeholders in the near future. Barberton Mines has also 
started an extended exploration drilling programme at the New Consort Mine's mining right, targeting the 
Main Maiden Reef orebody as a potential satellite deposit for the Royal Sheba project. These projects, 
together with improvements to our underground ore handling and processing plant infrastructure, have the 
potential to significantly boost Barberton Mines' production in the coming years.

Management's key focus areas for the remainder of the 2019 financial year include a continued focus on 
improving our safety performance, delivering quality ounces consistent with our production guidance, 
optimising the performance of Elikhulu, advancing value accretive growth opportunities and strengthening 
the group's statement of financial position by reducing debt to allow for improved funding flexibility. 
We remain on track to achieve our production guidance of approximately 170,000oz for the full 2019 
financial year."

Key features
Reported in South African rand ("ZAR" or "R") and pound sterling ("GBP") 

Operational key features
- Gold production from the group's continuing mining operations (note 1) increased by 54.2% to 81,014oz 
(2017: 52,548oz), with robust operational performance from Barberton Mines' underground operations and the 
group's portfolio of tailings retreatment plants.
- Gold production from the Barberton complex increased significantly by 24.5% to 50,556oz (2017: 40,611oz).
The Elikhulu tailings retreatment plant ("Elikhulu") contributed 15,292oz (2017: nil) of incremental 
low-cost ounces to group production. Elikhulu reached its nameplate capacity of 1-million tonnes throughput 
in October 2018 and its optimisation is continuing.
- The incorporation of the existing Evander tailings retreatment plant ("ETRP") throughput capacity of 
0.2-million tonnes per month into Elikhulu was completed in December 2018, which increased Elikhulu's 
processing capacity to 1.2-million tonnes per month.
- Significantly improved group safety performance during the current reporting period with the lost-time 
injury frequency rate improving to 1.77 (2017: 4.05) per million man hours and the reportable injury 
frequency rate improving to 0.53 (2017:0.62) per million man hours, following the cessation of large 
scale underground mining at Evander Mines and the commissioning of Elikhulu.
- The drilling programme at Barberton Mines' Royal Sheba prospect was completed, indicating a 
near-surface mineral resource of 0.37Moz with a 900m strike and 150m down-dip extension. The total 
mineral resource is now 0.76Moz (8.97Mt at 2.62g/t) comprising the near-surface resource of
0.37Moz (5.85Mt at 1.96g/t) and the underground mineral resource of 0.39Moz (3.12Mt at 3.87g/t). The 
feasibility study on the Royal Sheba project, which will now include a review of possible near-term 
improvements to underground ore handling logistics/infrastructure  and existing processing plant 
throughput capacity, will be completed in the coming months.
- The group has commenced an extended exploration drilling programme at Barberton Mines' mining right at 
New Consort Mine, targeting the Main Maiden Reef ("MMR") orebody as a potential satellite deposit for the 
Royal Sheba project.
- Evander Mines' Egoli project remains a viable underground mining project and the group is currently 
reviewing and assessing options to advance this project.
- The group's detailed operational and financial summaries, per entity, are disclosed on the Pan African 
website at http://www.panafricanresources.com/investors/financial-reports/.

Financial key features
- Group profit after taxation in ZAR terms increased by 136.8% to R137.8 million (2017: R58.2 million), 
while in GBP terms, group profit after taxation increased by 127.3% to GBP7.5 million (2017: GBP3.3 million).
- Group earnings before interest, taxation, depreciation and losses from discontinued operations 
("EBITDA") in ZAR terms increased by 92.3% to R342.5 million (2017: R178.1 million), while in GBP terms 
it increased by 83.3% to GBP18.7 million (2017: GBP10.2 million).
- Earnings per share ("EPS") in ZAR terms increased by 121.4% to 7.15 cents per share (2017: 3.23 cents 
per share), while in GBP terms, EPS increased by 116.7% to 0.39 pence per share (2017: 0.18 pence per share).
- The effective ZAR gold price received increased by 1.1% to R557,446/kg (2017: R551,506/kg) although, in 
USD terms, it decreased by 4.6% to USD1,222/oz (2017: USD1,281/oz).
- Group revenue from continuing operations in ZAR terms increased by 52.8% to R1,383.0 million (2017: 
R904.9 million) and, in GBP terms, revenue increased by 46.8% to GBP75.3 million (2017: GBP51.3 million) due 
to an increase in gold ounces produced by Barberton Mines' underground mining operations, the Barberton 
tailings retreatment plant ("BTRP") and also the contribution from the newly commissioned Elikhulu.
- Cash cost per kilogramme decreased by 14.4% in ZAR terms to R405,216/kg (2017: R473,187/kg) and, 
in USD terms, the cash cost per ounce decreased by 19.2% to USD888/oz (2017: USD1,099/oz).
- All-in sustaining cost per kilogramme decreased significantly by 18.5% in ZAR terms to R444,946/kg 
(2017: R545,908/kg) and, in USD terms, the all-in sustaining cost per ounce decreased by 23.1% to USD975/oz 
(2017: USD1,268/oz).
- The group's continuing operations' all-in sustaining cost per kilogramme decreased by 5.8% in ZAR terms 
to R444,946/kg (2017: R472,359/kg) and, in USD terms, the all-in sustaining cost per ounce of continuing 
operations decreased by 11.1% to USD975/oz (2017: USD1,097/oz).
- Financing Elikhulu's construction resulted in the group's net debt increasing to R1,880.3 million 
(2017: R653.0 million) and in GBP terms, the net debt increased to GBP102.7 million (2017:GBP39.2 million).
 
       Six months Six months                                                     Six months Six months
            ended      ended                                   ended      ended
               31         31                                                             31         31
         December   December                 Salient                               December   December
Movement     2018       2017   Unit          features                        Unit      2017       2018  Movement
 54.2%      2,520      1,634  (Kilogrammes)  Continuing operations            (Oz)   52,548    81,014     54.2%
                                             gold produced (note 1)           
 (5.0%)     2,520      2,653  (Kilogrammes)  Combined operations              (Oz)   85,282    81,014     (5.0%)
                                             gold produced (note 1)           
 (6.5%)     2,481      2,653  (Kilogrammes)  Combined operations              (Oz)   85,282    79,765     (6.5%)
                                             gold sold                         
 52.8%    1,383.0      904.9  (R million)    Revenue                 (GBP million)     51.3      75.3     46.8%
  1.1%    557,446    551,506  (R/kg)         Average gold                 (USD/oz)    1,281     1,222     (4.6%)
                 price received                      
(14.4%)   405,216    473,187  (R/kg)         Cash costs (note 4)          (USD/oz)    1,099       888    (19.2%)
(18.5%)   444,946    545,908  (R/kg)         All-in sustaining            (USD/oz)    1,268       975    (23.1%)
                                             costs (note 2)               
 17.9%    654,470    554,890  (R/kg)         All-in costs (note 2)        (USD/oz)    1,289     1,435     11.3%
 92.3%      342.5      178.1  (R million)    Adjusted EBITDA         (GBP million)     10.2      18.7     83.3%
                                             (note 3)          
136.8%      137.8       58.2  (R million)    Attributable            (GBP million)      3.3       7.5    127.3%
                                             earnings          
                                             (combined operations)    
 20.9%      137.8      114.0  (R million)    Attributable            (GBP million)      6.5       7.5     15.4%
                                             earnings 
                                             (continuing operations)   
118.7%      137.8       63.0  (R million)    Headline earnings       (GBP million)      3.6       7.5    108.3%
                                             (note 4)                
121.4%       7.15       3.23  (cents)        Earnings per share            (pence)     0.18      0.39    116.7%
103.7%       7.15       3.51  (cents)        Headline earnings             (pence)     0.20      0.39     95.0%
                                             per share ("HEPS") 
                                             (note 4)                      
187.9%    1,880.3      653.0  (R million)    Net debt (note 4)       (GBP million)     39.2     102.7    162.0%
(57.5%)      66.0      155.2  (R million)    Total sustaining        (GBP million)      8.8       3.6    (59.2%)
                                             capital expenditure     
(15.8%)     586.7      697.0  (R million)    Total capital           (GBP million)     39.5      32.0    (19.0%)
                                             expenditure             
(41.1%)     114.4      194.3  (cents)        Net asset value               (pence)     11.7       6.5    (44.6%)
                                             per share (note 4)                     
  7.2%    1,928.3    1,798.3  (million)      Weighted average            (million)  1,798.3   1,928.3      7.2%
                                             number of shares            
                                             in issue                    
  6.0%      14.19      13.39  (ZAR:USD)      Average exchange rate       (ZAR:GBP)    17.65     18.36      4.0%
 16.2%      14.36      12.36  (ZAR:USD)      Closing exchange rate       (ZAR:GBP)    16.67     18.32      9.9%
                 

Note 1:  The continuing mining operations include: Barberton Mines' operations and Evander Mines' operations 
(Elikhulu, ETRP and the mining and vamping of the remnant high-grade stopes as part of the phased closure of 
the underground mining operation). The continuing mining operations excludes the discontinued Evander Mines' 
large-scale underground mining operation, which produced 32,734oz in the corresponding six-month period ended 
31 December 2017 ("corresponding reporting period"). The group's corresponding reporting period's gold 
production, including discontinued operations, was 85,282oz.
Note 2:  The all-in sustaining cost per kilogramme and all-in cost per kilogramme excludes derivative fair 
value mark-to-market gains/losses relating to the current gold mining operations. Refer to the alternative 
performance measure ("APM") summary report for the period ended 31 December 2018. Refer to note 16.
Note 3:  Adjusted EBITDA is represented by earnings before interest, taxation, depreciation, and losses from 
discontinued operations. Refer to the APM summary report for the period ended 31 December 2018. Refer to
note 16.
Note 4:  Refer to the APM summary report for the period ended 31 December 2018. Refer to note 16.

Group safety
The group has significantly improved its safety performance in the current reporting period. The group's 
safety risk has reduced following the cessation of large-scale underground mining at Evander Mines and the 
commissioning of Elikhulu. Pan African remains committed to and focused on ensuring the safety of all our 
employees, while continuing to work towards a zero-harm environment.
- Fairview Mine reached its one-million fatality free shift milestone on 15 July 2018.
- The group had no fatalities during the current and corresponding reporting periods.
- The group's lost-time injury frequency rate improved significantly to 1.77 (2017: 4.05) per million man hours.
- The reportable injury frequency rate improved to 0.53 (2017: 0.62) per million man hours.

Elikhulu
- As previously communicated, Elikhulu was successfully commissioned ahead of schedule and within budget 
and achieved a throughput of 1-million tonnes per month during October 2018.
- The incorporation of the existing ETRP throughput capacity of 0.2-million tonnes per month into Elikhulu was 
completed in December 2018, which increased Elikhulu's processing capacity to 1.2-million tonnes per month.
- Elikhulu processed 3,534,278 tonnes in the four months from September 2018 to December 2018 at a recovered 
grade of 0.135g/t and with 15,292oz (475.6kg) of gold sold. This does not include August 2018 pre-production 
gold capitalised of 736oz (22.9kg) and gold inventory held in the circuit.
- Optimisation of the enlarged Elikhulu is continuing, with throughput of 1.2-million tonnes expected from 
February 2019.

Barberton Mines and Barberton tailings retreatment plant
- Barberton Mines produced 50,556oz (2017: 40,611oz) during the current reporting period, comprising:
* Underground mining operations, which contributed 38,550oz (2017: 32,159oz); and
* BTRP, which contributed 12,006oz (2017: 8,452oz).
- Barberton Mines produced 100,573oz during the 2018 calendar year and remains on track to achieve the market 
guidance of approximately 100,000oz for the full 2019 financial year.
- Barberton Mines' period-on-period increase in production resulted from:
* Increased tonnages and improved recoveries at the BTRP, following the successful commissioning of the regrind 
mill during May 2018; and
* Increased underground mining flexibility at the Fairview Mine high-grade 272 and 358 platforms.
- Barberton Mines successfully concluded a three-year wage agreement during September 2018 with no industrial 
action.

Evander Mines
- Evander Mines' continuing operations: surface operations, together with the mining and vamping of the remnant 
high-grade stopes, produced 15,166oz (2017: 11,937oz) and contributed positively to the group's adjusted EBITDA 
during the current reporting period.
- The feasibility study into the merits of mining the 8 Shaft pillar and high-grade areas in proximity to the 
pillar is expected to be completed by the end of February 2019, after which a decision will be made on whether 
to commence mining in these areas.

Mineral resources and mineral reserves
The group's mineral resources and mineral reserves, in compliance with the South African Code for the Reporting 
of Exploration Results, Mineral Resources and Mineral Reserves (the SAMREC Code, 2016 edition), are summarised 
as follows:
- Gold mineral resources of 331.2Mt at 3.13g/t for 33.3Moz (2017: 337.9Mt at 3.17g/t for 34.4Moz) 
                                                   Tonnes           Grade               Gold            Gold
Gold mineral resources                                 Mt             g/t                  t             Moz
Barberton hard rock                                  15.3            7.49              115.0             3.7
BTRP                                                 23.3            1.08               25.1             0.8
Evander underground                  82.7           10.08              834.0            26.8
Elikhulu and ETRP                                   209.7            0.29               61.3             2.0
Total                                               331.2            3.13            1 035.5            33.3

- Gold mineral reserves of 239.1Mt at 1.46g/t for 11.2Moz (2017: 231.8Mt at 1.50g/t for 11.2Moz)

                                          Tonnes           Grade               Gold            Gold
Gold mineral resources                                 Mt             g/t                  t             Moz
Barberton hard rock                                   8.5            5.66               48.2             1.5
BTRP                                                 12.5            1.36      16.9             0.5
Evander underground                                  27.5            8.31              228.4             7.3
Elikhulu and ETRP                                   190.6            0.29               54.8             1.8
Total                                               239.1            1.46              348.4            11.2

In determining our mineral resources and mineral reserves, a gold price of R600,000/kg and R525,000/kg was 
used for resources and reserves, respectively. All mineral resources and mineral reserves are reported as 
in-situ tonnes at an estimated head grade. Mining losses, plant recovery factors and costs were used in the 
calculation of each respective operations cut-off grade. The mineral resources and mineral reserves are 
reported in accordance with the guidelines of the SAMREC Code, 2016 edition.

Mineral reserves and mineral resources related to discontinued operations have been excluded from the 
reported Evander Mines' underground mineral reserves and resources.

There have been no material changes to the group's mineral resource and mineral reserve statement since 
the year ended 30 June 2018, other than the additional mineral resources and mineral reserves added 
following the Royal Sheba drilling campaign which was previously announced on 30 November 2018.

Refer to the annual Mineral Resource and Mineral Reserve Report, dated 30 June 2018, as published on our 
website www.panafricanresources.com for more detail on the reported mineral resources and mineral reserves.

Near- to medium-term growth projects
Barberton Mines' Royal Sheba project
As previously communicated, the drilling programme on Barberton Mines' Royal Sheba prospect has been 
completed, indicating a near-surface mineral resource of 0.37Moz (5.85Mt at 1.96g/t) with 900m strike and 
150m down-dip extension.

Barberton Mines' New Consort MMR project
The group has commenced an extended exploration drilling programme at Barberton Mines' mining right at 
New Consort Mine, targeting the MMR orebody as a potential satellite deposit for the Royal Sheba project.

The first phase has been defined as eight holes testing the orebody on a single 100m by 100m slice. Six drill 
holes have been completed to date, with the final two drill holes of phase 1 progressing according to plan.

The assay results from four of the six holes drilled indicates discrete zones of mineralisation occurring as 
lenses within a 40m zone in the footwall of the Consort bar up to the first serpentinite contact.

Further to this zone, the drill holes also intersected another amphibolite-serpentinite  contact around 
70m-80m further in the footwall. Assay results indicate pay shoots of mineralisation exist near this contact.

Barberton Mines' sub-vertical shaft project at Fairview
Shareholders were previously advised that the Fairview mining operation is restricted by the hoisting capacity 
of its No 3 Decline, which is used to access workings below 42 Level and the high-grade 11-block of the MRC. 
Development of top and bottom access is nearly complete with shaft development commencing in due course. Once 
the shaft is completed over the next two years, it is expected to improve production by an additional 
7,000oz - 10,000oz of gold per annum.

Evander Mines' Egoli project (previously called the 2010 Pay Channel project)
Evander Mines' Egoli project remains an attractive growth project, and the group is currently reviewing and 
assessing options to advance this project.

Outlook
Key focus areas for the 2019 financial year include:
- continuing to improve our safety performance, and environmental, social and governance compliance across 
all operations;
- delivering on our gold production guidance of approximately 170,000oz;
- ensuring Elikhulu delivers to expectations and fully incorporating ETRP's throughput into Elikhulu's 
processing capacity;
- strengthening of the group's financial position by reducing debt to allow for improved funding flexibility 
and increased capacity; and 
- focussing on advancing value accretive growth opportunities such as:
* Royal Sheba project;
* Evander Mines' 8 Shaft pillar project;
* Evander Mines' Egoli project; and
* Barberton Mines' sub-vertical shaft.

The group continues to evaluate acquisition opportunities, particularly in other African jurisdictions, in 
accordance with its rigorous capital allocation criteria.

Financial performance
Exchange rates and their impact on results
All group subsidiaries are incorporated in South Africa and their functional currency is ZAR. The group's 
business is conducted in ZAR and the accounting records are maintained in this same currency, with the 
exception of precious metal product sales, which are conducted in USD prior to conversion into ZAR. The 
ongoing review of the operational results by executive management and the board is also performed in ZAR.

The group's presentation currency is GBP due to its ultimate holding company, Pan African, being incorporated 
in England and Wales and being dual-listed in the United Kingdom ("UK") and South Africa. The group's 
presentation currency is expected to change to USD from GBP for the 30 June 2019 financial results.

During the current reporting period, the average ZAR:GBP exchange rate was R18.36:1 (2017: R17.65:1) and the 
closing ZAR:GBP exchange rate was R18.32:1 (2017: R16.67:1). The period-on-period change in the average and 
closing exchange rates of 4.0% and 9.9%, respectively, must be taken into account for the purposes of 
translating and comparing period-on-period results.

The group records its revenue from precious metals sales in ZAR. The depreciation in the value of the ZAR:USD 
exchange rate during the current reporting period positively impacted the USD revenue received when translated 
into ZAR. In the current reporting period, the average ZAR:USD exchange rate depreciated by 6.0% to R14.19:1 
(2017: R13.39:1), while the USD gold price received decreased by 4.6% to USD1,222/oz (2017: USD1,281/oz).

The commentary below analyses the current and corresponding reporting periods' results. Key aspects of the 
group's ZAR results appear in the body of this commentary and have been used as the basis against which its 
financial performance is measured. The gross GBP equivalent figures can be calculated by applying the exchange 
rates, as detailed above.

Analysing the group's financial performance
Discontinued operations
As a result of the sale of Phoenix Platinum Mining Proprietary Limited ("Phoenix Platinum") on 6 November 2017, 
and the cessation of the large-scale underground mining operations at Evander Mines on 31 May 2018, the 
corresponding reporting period's figures have been restated in accordance with International Financial 
Reporting Standards ("IFRS") 5 Non-current assets held for sale and discontinued operations. The loss from 
discontinued operations in the corresponding reporting period has been separately disclosed as a line item in 
the condensed consolidated statement of profit or loss and other comprehensive income.

Revenue
The group's total revenue from continuing operations, period-on-period, increased in ZAR terms by 52.8% to 
R1,383.0 million (2017: R904.9 million), and in GBP terms increased by 46.8% to GBP75.3 million (2017: 
GBP51.3 million).

Group revenue was mainly impacted by:
- Gold sold from continuing mining operations increased by 51.8% to 79,765oz (2017: 52,548oz); and
- The average ZAR gold price received increasing by 1.1% to R557,446/kg (2017: R551,506/kg).

Cost of production
Pan African's cost of production for continuing operations increased by 47.1% to R994.9 million (2017: 
R676.3 million), primarily impacted by: Barberton Mines' cost of production increasing by 10.1% to 
R621.3 million (2017: R564.1 million), largely due to:
- Salary and wages increasing by 7.9% to R288.8 million (2017: R267.7 million), with the increase attributed to:
* The signing of a three-year wage agreement, with annual increases over the period of approximately 6.5% and 
5.5% for National Union of Mines Workers and United Association of South Africa members, respectively.
* Improved production performances also resulted in mining operations production incentives increasing 
period-on-period.
* Electricity costs increasing by 14.1% to R72.2 million (2017: R63.3 million). Barberton Mines' electricity 
costs, excluding the BTRP, increased by 5.6%, in line with the National Energy Regulator of South Africa's 
average national increase of 5.3% from 1 April 2018.  The BTRP's electricity costs increased to R13.6 million 
(2017: R7.8 million) due to additional electricity consumed following the installation of the operation's 
new regrind mill.
- Mining and processing costs increased by 19.3% to R174.8 million (2017: R146.5 million). The above-inflation 
increase was driven primarily by the increased tonnes mined period-on-period:
* The mining operations' tonnes milled increased by 12.3% to 140,329t (2017: 124,969t); and
* BTRP tonnes processed increased by 23.6% to 567,109t (2017: 458,779t).
- Engineering and technical costs decreased by 6.7% to R43.4 million (2017: R46.5 million), following a
reduction in secondary support costs period-on-period and other cost saving initiatives.
- Security costs increased materially by 88.1% to R33.1 million (2017: R17.6 million), with an increased 
focus on addressing illegal mining activities and once-off costs incurred during instances of community unrest.
- Evander Mines' cost of production increased to R373.6 million (2017: R112.2 million), mainly due to:
* Elikhulu's processing costs of R113.4 million during the four months from 1 September 2018 to
31 December 2018. Elikhulu's cash cost per kilogramme during the period was R239,639/kg or USD517/oz.
* ETRP and surface-source operations costs decreased to R46.1 million (2017: R103.0 million) mainly due to a 
reduction in surface feedstock tonnages to 67,832t (2017: 184,161t).
* Remnant mining and vamping of remaining high-grade stopes was R214.1 million (2017: nil).

Realisation costs
Group realisation costs decreased to R10.4 million (2017: R25.1 million), largely due to the depletion of 
available gold recovery projects previously undertaken in the Evander Mines' Kinross metallurgical plant.

Depreciation costs
Depreciation from continuing operations increased to R97.1 million (2017: R45.1 million). The group incurred 
an additional R41.3 million in depreciation, following the commissioning of Elikhulu on 1 September 2018. The 
depreciation charge is calculated based on the available units of production (tonnes milled and processed) 
over the life of the mining operation.

Other expenditure and finance income/costs
Other expenditure increased to R28.5 million (2017: R22.1 million). In the current reporting period, the 
group recorded lower mark-to-market fair-value gains of R8.9 million (2017: R19.4 million) on financial 
derivatives entered into as part of a gold price hedging programme.

Finance costs increased to R80.9 million (2017: R14.3 million), due to an increase in net debt as a result 
of the construction spend on Elikhulu.

Taxation
The group's taxation charge increased to R33.0 million (2017: R12.1 million), due to an increase in the 
group's profitability and comprised of:
- an increase in the current taxation charge to R25.2 million (2017: R1.8 million); and
- a decrease in deferred taxation to R7.8 million (2017: R10.3 million).

EPS and HEPS
The group's combined EPS in ZAR increased by 121.4% to 7.15 cents (2017: 3.23 cents), while in GBP terms, 
EPS increased by 116.7% to 0.39 pence per share (2017: 0.18 pence per share).

The group's combined HEPS in ZAR increased by 103.7% to 7.15 cents (2017: 3.51 cents), while in GBP terms, 
HEPS increased by 95.0% to 0.39 pence per share (2017: 0.20 pence per share).

The group's continuing EPS and HEPS in ZAR increased by 12.8% to 7.15 cents (2017: 6.34 cents), while 
in GBP terms, continuing EPS and HEPS increased by 8.3% to 0.39 pence per share (2017: 0.36 pence 
per share).

For further details refer to the reconciliation between basic earnings and headlines earnings in the APM 
summary report. Refer to note 16.

Net debt and cash flows
The group's net debt increased to R1,880.3 million (2017: R653.0 million), comprised of:
- Total debt facilities utilised at 31 December 2018 of R1,815.4 million (2017: R771.7 million);
- Gold prepayments of R115.0 million (2017: nil); and
- Cash and cash equivalents of R50.1 million (2017: R118.7 million).

Refer to a detailed summary of the group's net debt in the APM summary report. Refer to note 16.

Cash generated by operations after dividends increased to R316.6 million (2017: R22.2 million after dividends), 
due to an improved production performance from Barberton Mines and the maiden production contribution from 
Elikhulu, which resulted in additional operational cash flows being generated. In the corresponding reporting 
period, the group paid a net dividend of R148.9 million.

The cash outflows from investing activities decreased to R574.1 million (2017: R634.2 million), predominantly 
due to:
- Capital expenditure incurred on Elikhulu decreasing to R494.9 million (2017: R511.7 million);
- Capital expenditure incurred on operations reducing to R91.8 million (2017: R185.3 million), following 
the cessation of Evander Mines' underground mining operation; and
- Cash received from the sale of Phoenix Platinum of R89.0 million in the corresponding reporting period.

Net cash inflows from financing activities decreased to R295.0 million (2017: R570.5 million), largely due 
to a lower utilisation of the debt facilities to fund the construction of Elikhulu.

Senior debt restructure
The group's existing revolving credit facility which terminates in June 2020, is being restructured with an 
extended repayment profile to 2022. Under the restructured revolving credit facility, the available 
commitment will reduce over time as follows:
- Up to 15 June 2020: R1 billion
- 15 June 2020: R750 million
- 15 December 2020: R725 million
- 15 June 2021: R700 million
- 15 September 2021: R650 million
- 15 December 2021: R600 million
- 15 March 2022: R550 million
- 15 June 2022: R500 million

Pan African has received credit approval from its lead bank, First Rand Bank Limited, for the implementation 
of the restructured revolving credit facility, which should be effective from 30 June 2019. The facility 
of R1 billion, used to fund a portion of the construction costs of the Elikhulu project continues to 
amortise consistent with its original redemption profile.

Directorship changes and dealing
No directorship changes took place during the period under review.

The following director dealings in securities took place:
Mr JAJ Loots entered into the following contract for difference derivatives ("CFDs"):
- On 20 September 2018, entered into a CFD for 64,280 shares at average of 8.25 pence per share.
- On 21 September 2018, entered into a CFD for 50,000 shares at average of 8.50 pence per share.

Mr JAJ Loots held 668,675 shares and 514,280 CFDs at period end, representing approximately 0.05% of the 
total issued shares.

Mr KC Spencer transferred 3,000,000 shares at R1.75 per share in an off-market transaction from the Strode 
Trust into his personal capacity on 17 October 2018. Following this transaction, Mr KC Spencer held 
3,000,000 shares at period end, representing approximately 0.13% of the total issued shares.

JSE limited listing
The company has a dual primary listing on the main board of the JSE Limited ("JSE") and the Alternative 
Investment Market ("AIM") of the London Stock Exchange.

The group interim results have been prepared and presented in accordance with, and containing the information 
required by IAS 34 Interim financial reporting, as well as the SAICA Financial Reporting Guides as issued by 
the Accounting Practices Committee and Financial Pronouncements as issued by Financial Reporting Standards 
Council.

AIM Listing
The financial information for the period ended 31 December 2018 does not constitute statutory accounts as 
defined in sections 435 (1) and (2)of the Companies Act 2006.

The group's announcement has been prepared in accordance with IFRS and International Financial Reporting 
Interpretation Committee interpretations adopted for use by the European Union, with those parts of the
Companies Act 2006 applicable to companies reporting under IFRS.

Forward-looking information
Any forward-looking information contained in this report is the sole responsibility of the directors and 
has not been reviewed or reported on by the group's external auditor.

Cobus Loots                         Deon Louw
Chief Executive Officer             Financial Director

20 February 2019


Condensed consolidated interim financial statements for the six months ended 31 December 2018

Condensed consolidated statement of financial position as at 31 December 2018

                                Unaudited     Unaudited    Audited     Unaudited      Unaudited     Unaudited
                              31 December   31 December    30 June   31 December    31 December       30 June
                                     2018          2017       2018          2018           2017          2018
                                      GBP           GBP        GBP             R              R             R
                                  million       million    million       million        million       million
Assets
Non-current assets
Property, plant and equipment 
and mineral rights                 217.1         263.7       192.8       3,977.2        4,396.0       3,488.3
Goodwill                            21.0          21.0        21.0         303.5          303.5         303.5
Other intangible assets                -           0.1           -           0.6            1.8           0.6
Deferred taxation                    5.1           0.5         6.2         93.0            7.7         112.3
Long-term inventory                  0.6           0.7         0.6          10.3           11.6          10.3
Long-term receivables                1.3           2.6         1.3          23.4           42.8          24.0
Investments                          6.8           5.5         3.1         124.3           91.5          56.7
Rehabilitation funds         20.2          21.4        20.1         369.8          357.5         364.3
                                   272.1         315.5       245.1       4,902.1        5,212.4       4,360.0
Current assets
Inventories                          4.1           4.0         2.7          74.7           66.0          48.9
Current taxation asset               0.5           0.8         0.7           9.3         13.5          12.5
Trade and other receivables         11.9          14.7        14.8         218.1          244.7         268.6
Current portion of 
long-term receivables                1.0             -         0.9          19.1              -          17.2
Financial instruments assets           -           0.3         0.2             -            5.8           4.0
Cash and cash equivalents            2.7           7.1         0.7          50.1          118.7          12.6
                                    20.2          26.9        20.0         371.3          448.7         363.8
Total assets                       292.3         342.4       265.1       5,273.4        5,661.1       4,723.8
Equity and liabilities
Capital and reserves
Share capital                       22.3          22.3        22.3         318.8          318.8         318.8
Share premium                      144.6         145.4       144.6       2,247.4        2,261.4       2,247.4
Translation reserve                (44.1)        (34.2)      (42.8)            -              -             - 
Share option reserve                 1.7           1.2         1.6          24.6           17.2          24.6
Retained earnings                   37.5         126.6        30.0         299.2        1,776.4         161.4
Realisation of equity reserve      (10.7)        (10.7)      (10.7)       (140.6)        (140.6)       (140.6) 
Treasury capital reserve           (15.6)        (25.4)      (15.6)       (385.2)        (548.6)       (385.2) 
Merger reserve                     (10.7)        (10.7)      (10.7)       (154.7)        (154.7)       (154.7) 
Other reserves                      (0.1)         (2.2)       (3.0)         (2.5)         (36.1)        (55.0) 
Equity attributable to 
owners of the parent               124.9         212.3       115.7       2,207.0        3,493.8       2,016.7
Total equity                       124.9         212.3       115.7       2,207.0        3,493.8       2,016.7
Non-current liabilities
Long-term provisions                13.5          11.9        15.1         248.2          198.1         273.4
Long-term liabilities               90.5          43.7        86.5       1,657.6          729.1       1,565.0
Deferred taxation                   14.4          40.3        14.3         263.0          671.1         259.5
                                   118.4          95.9       115.9       2,168.8        1,598.3       2,097.9
Current liabilities
Trade and other payables            31.5          27.7        27.7         577.3          460.2         505.2
Financial instruments liability      0.1             -           -           1.7              -             - 
Current portion of 
long-term liabilities               16.7           5.6         5.2         305.3           93.3          93.5
Current taxation liability           0.7           0.9         0.6          13.3           15.5          10.5
                                    49.0          34.2        33.5         897.6          569.0         609.2
Total equity and liabilities       292.3         342.4       265.1       5,273.4        5,661.1       4,723.8


Condensed consolidated statement of profit or loss and other comprehensive income 
for the period ended 31 December 2018

                                                                  Unaudited                         Unaudited
                                                               and restated                      and restated
                                                 Unaudited         (note 1)        Unaudited      (note 1)
                                                six months       six months       six months       six months
                                                     ended            ended            ended            ended
                                               31 December      31 December      31 December      31 December
                                                      2018             2017             2018             2017
Continuing operations                          GBP million      GBP million        R million        R million
Revenue                                               75.3             51.3          1,383.0            904.9
Gold sales                                            75.3             51.3          1,383.0            904.9
Realisation costs                                     (0.6)            (1.4)           (10.4)           (25.1) 
Net revenue                                           74.7             49.9          1,372.6            879.8
Gold cost of production                              (54.2)           (38.3)          (994.9)          (676.3) 
Mining depreciation                                   (5.3)            (2.6)      (97.1)           (45.1) 
Mining profit                                         15.2              9.0            280.6            158.4
Other expenses                                        (1.4)            (1.2)           (28.5)           (22.1) 
Royalty costs                                         (0.4)            (0.2)            (6.7)            (3.3) 
Net income before finance income and finance costs    13.4              7.6            245.4            133.0
Finance income                                         0.3              0.4              6.3              7.4
Finance costs                                         (4.4)            (0.8)           (80.9)           (14.3) 
Profit before taxation                                 9.3              7.2            170.8            126.1
Taxation                                              (1.8)            (0.7)           (33.0)           (12.1) 
Profit after taxation - continuing operations          7.5              6.5            137.8            114.0
Loss from discontinued operations                        -             (3.2)               -            (55.8) 
Profit after taxation                                  7.5             3.3            137.8             58.2
Other comprehensive income:
Fair value movement investment measured 
at fair value through other comprehensive income       3.7             (2.2)            67.6            (36.1) 
Taxation on investment measured at fair value
through other comprehensive income                    (0.8)               -            (15.1)               -
Foreign currency translation differences              (1.2)             2.7                -                - 
Total comprehensive income for the year                9.2              3.8            190.3             22.1
Profit attributable to:
Owners of the parent                                   7.5              3.3            137.8             58.2
Total comprehensive income attributable to:
Owners of the parent                                   9.2              3.8            190.3             22.1 

                                                     pence            pence            cents            cents
Earnings per share                                    0.39             0.18             7.15             3.23
Diluted earnings per share                            0.39             0.18       7.15             3.23
Earnings per share - continuing operations            0.39             0.36             7.15             6.34
Diluted earnings per share 
- continuing operations                               0.39             0.36             7.15             6.33
Weighted average number of shares in issue         1,928.3          1,798.3          1,928.3          1,798.3
Diluted number of shares in issue                  1,928.3          1,798.9          1,928.3          1,798.9


Condensed consolidated statement of changes in equity 
for the period ended 31 December 2018
                                                                 Unaudited                          Unaudited
                                                               and restated                      and restated
                                                 Unaudited         (note 1)        Unaudited         (note 1)
                                                six months       six months       six months       six months
                                                     ended            ended            ended            ended
                                               31 December      31 December      31 December      31 December
                                                      2018             2017             2018             2017
                                               GBP million     GBP million         R million        R million
Shareholder's equity at the beginning 
of the period                                        115.7            216.6          2,016.7          3,620.5
Other comprehensive income                             1.7              0.4             52.5            (36.1) 
Profit for the period                                  7.5              3.3            137.8             58.2
Dividends paid                                           -            (10.0)               -           (185.0)
Reciprocal dividend 
- PAR Gold Proprietary Limited ("PAR Gold")              -              2.0                -             36.2
Total equity                                         124.9            212.3          2,207.0          3,493.8


Condensed consolidated statement of cash flows for the period ended 31 December 2018
                                                                  Unaudited                         Unaudited
                                                       and restated                      and restated
                                                 Unaudited         (note 1)        Unaudited         (note 1)
                                                six months       six months       six months       six months
                                                     ended            ended         ended            ended
                                               31 December      31 December      31 December      31 December
                                                      2018             2017             2018             2017
                                               GBP million      GBP million        R million        R million
Net cash generated by operations 
after taxation, royalty and
finance cost and before dividends                     17.0              8.5            316.6            171.1
Dividends paid                                           -            (10.2)               -           (185.0) 
Reciprocal dividend - PAR Gold                           -              2.1                -             36.1
Cash inflow from operating activities          17.0              0.4            316.6             22.2
Cash outflow from investing activities               (31.3)           (36.2)          (574.1)          (634.2) 
Cash inflow from financing activities                 16.4             32.7            295.0            570.5
Net increase/(decrease) in cash equivalents            2.1             (3.1)            37.5            (41.5) 
Cash at the beginning of period                        0.7              9.4             12.6            160.2
Effect of foreign currency rate changes               (0.1)             0.8                -                -
Cash and cash equivalents at end of period             2.7              7.1             50.1            118.7

Note 1: Relates to the correction of a prior period error, addressing the reclassification of the payment 
of cash settled share options from financing activities to operating activities. Refer to note 15.

Notes to the condensed consolidated interim financial statements for the period ended 31 December 2018

1. Basis of preparation of the financial statements and accounting policies
The accounting policies applied in compiling the condensed consolidated interim financial statements are in 
accordance with IFRS adopted by the European Union and South Africa, which are consistent with those applied 
in preparing the group's annual financial statements for the year ended 30 June 2018.

The financial information set out in this announcement does not constitute the company's statutory accounts 
for the period ended 31 December 2018.

The interim results have been prepared and presented in accordance with, and containing the information 
required by IAS 34, as well as the SAICA Financial Reporting Guides as issued by the Accounting Practices 
Committee and Financial Pronouncements as issued by Financial Reporting Standards Council.

The interim results have not been reviewed or reported on by the group's external auditor. 

Adoption of new accounting standards 
IFRS 15 Revenue from contracts with customers
The group has adopted IFRS 15 as of 1 July 2018. The implementation of IFRS 15 has not had any impact on 
revenue recognition (timing or quantum) for the sale of gold by the group.

The standard describes a five step approach for the recognition of revenue:
- Identify the contract(s) with a customer.
- Identify the performance obligations in the contract.
- Determine the transaction price.
- Allocate the transaction price to the performance obligations in the contract(s).
- Recognise revenue when (or as) the entity satisfies a performance obligation.

The group's only revenue is from the sale of gold, which is a commodity product and is priced relative to 
quoted benchmarks. Sales contracts contain a single obligation to deliver gold at which time title and risk 
pass to the purchaser. The quantum and price of gold ounces traded is agreed upfront between parties.

Sales contracts have a single performance obligation. The price is based on observable market inputs which 
are clearly defined within the contract.

IFRS 9 Financial instruments
The group has adopted IFRS 9 as of 1 July 2018. The requirements of IFRS 9 represents a change from IAS 39
Financial instruments: recognition and measurement. The impact of the change in accounting policy is 
disclosed below.

IFRS 9 contains three principal classification categories for financial instruments: measured at amortised 
cost, fair value through other comprehensive income ("FVOCI") and fair value through profit and loss ("FVTPL"). 
The standard eliminates the previous IAS 39 categories of held to maturity, loans and receivables and 
available for sale. Refer to the table below for a summary of the classification changes upon the transition 
to IFRS 9.

IFRS 9 replaces the "incurred loss model" in IAS 39 with an "expected loss" model. The new impairment model 
applies to financial assets measured at amortised cost and financial assets measured at FVOCI. Under IFRS 9 
credit losses are recognised earlier than IAS 39. An assessment was performed to determine the expected 
credit loss of financial assets. The group has recognised expected credit losses of R1 million
(GBP0.1 million) (2017: nil) in the current reporting period.

IFRS 9 indicates a revised approach to hedge accounting, however this has not impacted the group as the group 
does not apply hedge accounting.

The following table shows the original measurement categories under IAS 39 and the new measurement categories 
under IFRS 9 for each class of the group's financial assets and liabilities at 31 December 2018.

                                           New classification                Original classification
                                           under IFRS 9                      under IAS 39
Financial assets
Cash and cash equivalents                  Measured at amortised cost        Loans and receivables 
Long-term receivables                      Measured at amortised cost        Loans and receivables 
Current portion of long-term receivables   Measured at amortised cost        Loans and receivables 
Trade receivables                          Measured at amortised cost        Loans and receivables 
Investment                                 Measured at FVTOCI                Available-for-sale 
Rehabilitation funds                       Measured at FVTPL                 Measured at FVTPL 
Financial instruments asset                Measured at FVTPL                 Measured at FVTPL 
Financial liabilities
Trade and other payables                   Measured at amortised cost        Measured at amortised cost 
Revolving credit facility                  Measured at amortised cost        Measured at amortised cost 
Term loan facility                         Measured at amortised cost        Measured at amortised cost 
Employee share ownership plan 
("ESOP") liability                         Measured at FVTPL                 Measured at FVTPL
Financial instruments liability            Measured at FVTPL                 Measured at FVTPL
Cash settled share options liability       Measured at FVTPL                 Measured at FVTPL

Accounting standards issued but not yet effective
IFRS 16 Leases
The new standard will replace IAS 17 Leases and eliminates the classification of leases as either 
operating leases or finance leases by the lessee. IFRS 16 is effective for the group for the year ended 
30 June 2020. Classification of leases by the lessor under IFRS 16 continues as either an operating or 
finance lease, as was the treatment under IAS 17. Lease arrangements will give rise to the recognition by 
the lessee of an asset, representing the right to use the leased item, and a related liability for future 
lease payments. Lease costs will be recognised in the statement of profit and loss in the form of depreciation 
of the right-of-use asset over the lease term, and finance charges which represents the unwinding of the 
discount on the lease liability.

Management has reviewed service contracts within the group and are currently evaluating the accounting impacts 
of applying the new standard.

It is expected that the adoption of IFRS 16 will result in an increase in lease liabilities representing 
the present value of future payments under arrangements currently classified as operating leases, along with 
a corresponding increase in property, plant and equipment for the right-of-use asset, together with an 
increase in depreciation and finance costs.

2. Critical accounting judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, the directors are required to make certain judgements, 
estimates and assumptions that are not readily apparent from other sources that may materially affect the 
carrying amounts of assets and liabilities, the reported revenue and expense during the reported period and 
the related disclosures. The estimates and judgements are based on historical experience, current and expected 
future economic conditions and other factors. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 
are recognised in the period in which the estimate is revised if the revision affects only that period, or 
in the period of the revision and future periods if the revision affects both current and future periods.

Critical accounting judgements in applying the group's accounting policies
The following are the critical judgement areas, apart from those involving estimations, that the directors 
have made in the process of applying the group's accounting policies and that have the most significant 
effect on the amounts recognised in the condensed consolidated interim financial statements.

Discontinued operation
Due to the cessation of mining at Evander Mines' large-scale underground operations, which includes 8 Shaft, 
7 Shaft and the run-of-mine circuit in the Kinross metallurgical plant on 31 May 2018, the financial results 
for the six months ended 31 December 2017 from the Evander Mines' large-scale underground operations were 
classified as a discontinued operation. Judgement was required to determine the allocation of the financial 
results between Evander Mines' continuing and discontinuing operations.

Management has performed an assessment to ensure that the Evander Mines' large-scale underground operations 
meets the requirements to be classified as a discontinued operation and the financial results have been 
appropriately allocated for the six months ended 31 December 2017.

Elikhulu capitalisation date
Given the nature of Elikhulu, a key area of judgement was the date of commissioning which required 
determination of when Elikhulu was in the location and condition for it to be operating in the manner 
intended by management.

Pan African Resources has applied a guiding principle that once the plant achieves commercial production, 
it is operating in the manner as intended by management. At the beginning of the month in which the project 
achieved commercial production, the various assets, by major component, are recorded in the fixed asset 
register and are subject to depreciation over their respective useful lives.

Commercial production is assumed when management can demonstrate that the plant is able to materially achieve 
the technical design parameters established by the feasibility study and it is probable that future economic 
benefits will be generated by the plant.

Commercial production was achieved during the month of September 2018 and thus the commissioning date of 
Elikhulu was 1 September 2018. Refer to note 8 for amounts capitalised to Elikhulu in the current period. 
In total R1.93 billion (GBP105.1 million) has been capitalised to the project since construction commenced.

Other significant sources of estimation uncertainty 
The following are areas of significant estimation: 
Rehabilitation and decommissioning provision:
At each reporting date the group estimates the rehabilitation and decommissioning provision. A change in 
estimate will impact the carrying amount of the liability and corresponding decommissioning asset. There 
is judgement in the input assumptions used in determining the estimated rehabilitation and decommissioning 
provision. Inputs used which require judgement include:
- closure costs which are determined in accordance with regulatory requirements,
- inflation rate, which has been adjusted for a long-term view, and
- risk-free rate, which is compounded annually and linked to the life-of-mine.

Assessing the recoverable amount associated with long-lived assets
Mining operations require significant technical and financial resources to operate. Their value may be 
sensitive to a range of characteristics unique to each asset and key sources of estimation uncertainty which 
include ore reserve estimates and cash flow projections.

3. Segmental reporting
A segment is a distinguishable component of the group engaged in providing products or services in a 
particular business sector or segment, which is subject to risks and rewards different from those of 
other segments. The group's business activities were conducted through the following business segments:

Continuing operations
- Barberton Mines (including BTRP), located in Barberton, South Africa;
- Evander Mines (Elikhulu, ETRP and the mining and vamping of the remnant high-grade stopes as part of 
the phased closure of the underground mining operation), located in Evander, South Africa;
- Corporate, located in Johannesburg, South Africa; and
- Pan African Resources Funding Company Proprietary Limited ("Funding Company"), located in Johannesburg, 
South Africa.

Discontinued operations
- Phoenix Platinum, located near Rustenburg, South Africa; and
- Evander Mines' underground operations (including 8 Shaft, 7 Shaft and the run-of-mine circuit in the 
Kinross Metallurgical plant), located in Evander, South Africa.

The executive committee, which is considered the chief operating decision maker, reviews the operations 
in accordance with the disclosures presented above.

                                                    Six months ended 31 December 2018
                                                                Continuing operations
                                                           Evander
                                           Barberton         Mines                     Funding
Condensed unaudited segment report for         Mines      (note 3)     Corporate       Company         Group
the period ended 31 December 2018        GBP million   GBP million   GBP million   GBP million   GBP million
Revenue
Gold sales (note 1)                             46.5          28.8             -            -           75.3
Platinum sales                                     -             -             -            -              - 
Realisation costs                           (0.2)         (0.4)            -            -           (0.6) 
Net revenue                                     46.3          28.4             -            -           74.7
Gold cost of production                        (33.8)        (20.4)            -            -          (54.2) 
Platinum cost of production                        -             -             -            -              - 
Mining depreciation                             (2.8)         (2.5)            -            -           (5.3) 
Mining profit                                    9.7           5.5             -            -           15.2
Other (expenses)/income (note 2)                (0.3)          1.3          (2.4)           -           (1.4) 
Adjustment on sale of asset held for sale          -             -             -            -              - 
Royalty costs                                   (0.2)         (0.2)            -            -           (0.4) 
Net income/(loss) before finance 
income and finance costs                         9.2           6.6          (2.4)           -           13.4
Finance income                                     -           0.1           0.1     0.1            0.3
Finance costs                                      -           0.2             -         (4.6)          (4.4) 
Profit/(loss) before taxation                    9.2           6.9          (2.3)        (4.5)           9.3
Taxation                                        (1.5)            -          (0.3)           -           (1.8) 
Profit/(loss) after taxation before 
inter-company charges                            7.7           6.9          (2.6)        (4.5)           7.5
Loss after taxation from discontinued 
operations                                         -             -             -            -              - 
Profit/(loss) after taxation before 
inter-company charges                            7.7           6.9          (2.6)        (4.5)           7.5
Inter-company transactions
Management fees                                 (0.9)         (0.7)          1.7         (0.1)             - 
Inter-company interest charges                   0.1          (4.6)         (0.2)         4.7              - 
Profit/(loss) after taxation after 
inter-company charges                            6.9           1.6          (1.1)         0.1            7.5
Segmental assets (total assets 
excluding goodwill)                             78.4         179.9          10.4          2.6          271.3
Segmental liabilities                           30.3          36.3           1.7         99.1          167.4
Goodwill                                        21.0             -             -            -           21.0
Net assets (excluding goodwill) (note 5)        48.1        143.6           8.7        (96.5)         103.9
Capital expenditure (note 6)                     5.0          27.0             -            -           32.0
Adjusted EBITDA (note 7)                        12.0           9.1          (2.4)           -           18.7


                                                 Six months ended 31 December 2017
                               Discontinuing 
                                                                          operations
                                      Continuing operations                      Evander  
                                     Evander                                       Mines
                                       Mines                                       (Dis-       Re-
                                 (Continuing                          Phoenix  continued    classi-  
Condensed unaudited    Barberton operations)               Funding   Platinum operations   fication
segment report for         Mines    (note 3)  Corporate    Company   (note 4)   (note 3)   (note 8)     Group
the period ended             GBP         GBP        GBP        GBP        GBP        GBP        GBP       GBP
31 December 2018         million     million    million    million    million    million    million   million
Revenue
Gold sales (note 1)         39.7        11.6          -          -          -       31.6      (31.6)     51.3
Platinum sales                 -           -          -          -        1.4          -       (1.4)        - 
Realisation costs           (0.2)       (1.2)         -          -          -       (0.1)       0.1      (1.4) 
Net revenue                 39.5        10.4          -          -        1.4       31.5      (32.9)     49.9
Gold cost of production    (32.0)       (6.3)         -          -          -      (31.3)      31.3     (38.3) 
Platinum cost of 
production                     -           -          -          -       (1.6)         -        1.6         - 
Mining depreciation         (2.2)       (0.4)         -          -          -       (3.4)       3.4      (2.6) 
Mining profit                5.3         3.7          -          -       (0.2)      (3.2)       3.4       9.0
Other (expenses)/income 
(note 2)                    (0.4)        0.7       (1.5)         -          -        0.6       (0.6)     (1.2) 
Adjustment on sale of 
asset held for sale            -           -          -          -       (0.3)         -        0.3         -
Royalty costs               (0.2)          -          -          -          -       (0.2)       0.2      (0.2) 
Net income/(loss) 
before finance income 
and finance costs            4.7         4.4       (1.5)         -       (0.5)      (2.8)       3.3        7.6
Finance income               0.1         0.1        0.2          -          -        0.3       (0.3)       0.4
Finance costs                  -           -          -       (0.8)         -          -          -       (0.8) 
Profit/(loss) 
before taxation              4.8         4.5       (1.3)      (0.8)      (0.5)      (2.5)       3.0        7.2
Taxation                    (0.5)        0.2       (0.4)       -        0.1       (0.3)       0.2       (0.7) 
Profit/(loss) after 
taxation before 
inter-company charges        4.3         4.7       (1.7)      (0.8)      (0.4)      (2.8)       3.2        6.5
Loss after taxation from
discontinued operations        -           -          -          -          -          -       (3.2)      (3.2) 
Profit/(loss) after 
taxation before 
inter-company charges        4.3         4.7       (1.7)      (0.8)      (0.4)      (2.8)         -        3.3
Inter-company transactions
Management fees             (0.8)       (0.1)       1.1       (0.1)         -       (0.1)         -          - 
Inter-company interest 
charges                     (0.2)          -       (0.2)       0.7          -       (0.3)         -          - 
Profit/(loss) after 
taxation
after inter-company 
charges                      3.3         4.6       (0.8)     (0.2)       (0.4)      (3.2)         -        3.3
Segmental assets 
(total assets
excluding goodwill)         75.5       230.4       10.3       5.2           -          -          -      321.4
Segmental liabilities       27.8        52.9        2.8      46.6           -          -          -      130.1
Goodwill          21.0           -          -         -           -          -          -       21.0
Net assets 
(excluding goodwill)
(note 5)                    47.7       177.5        7.5     (41.4)          -          -          -      191.3
Capital expenditure 
(note 6)                    4.1         35.1          -         -         0.3          -          -       39.5
Adjusted EBITDA 
(note 7)              6.9          4.8       (1.5)        -        (0.2)       0.6       (0.4)      10.2

Note 1: All gold sales were made in South Africa and the majority of revenue (more than 90%) was generated 
from South African financial institutions.
Note 2: Other (expenses)/income exclude inter-company management fees and dividends.
Note 3: During the prior financial reporting period, Evander Mines underground mining operations ceased mining 
on 31 May 2018. The Evander Mines' Elikhulu, ETRP and the mining and vamping of the remnant high-grade stopes 
at Evander, as part of the phased closure of the underground mining operation, remain as continuing operations.
Note 4: Phoenix Platinum was classified as held for sale and as a discontinued operation at 30 June 2017. The 
disposal was concluded on 6 November 2017.
Note 5: All assets are held within South Africa, and the segmental assets and liabilities presented, exclude 
inter-company balances. 
Note 6: Capital expenditure comprises of additions to property plant and equipment and mineral rights 
and intangible assets.
Note 7: Adjusted EBITDA is represented by earnings before interest, taxation, depreciation and losses from 
discontinued operations. Note 8: Relates to the reclassification of operations as discontinued.


                                                           Six months ended 31 December 2018
                                                                    Continuing operations
                                                              Evander
                                               Barberton       Mines                     Funding
Condensed unaudited segment report for             Mines     (note 3)     Corporate       Company         Group
the period ended 31 December 2018              R million    R million     R million     R million     R million
Revenue
Gold sales (note 1)                               853.8         529.2             -             -       1,383.0
Platinum sales                                       -             -             -             -             - 
Realisation costs                                  (3.4)         (7.0)            -             -         (10.4) 
Net revenue                                       850.4         522.2             -             -       1,372.6
Gold cost of production                          (621.3)       (373.6)      -             -        (994.9)
Platinum cost of production                           -             -             -             -             - 
Mining depreciation                               (50.9)        (46.2)            -             -         (97.1) 
Mining profit                                     178.2         102.4             -             -         280.6
Other (expenses)/income (note 2)                   (5.1)         23.9         (47.3)            -         (28.5) 
Adjustment on sale of asset held for sale             -             -             -             -             - 
Royalty costs                                      (4.1)         (2.6)            -             -          (6.7) 
Net income/(loss) before finance 
income and finance costs                          169.0          123.7        (47.3)            -         245.4
Finance income                                      0.3            1.9          2.3           1.8           6.3
Finance costs                                         -           (0.5)           -         (80.4)        (80.9) 
Profit/(loss) before taxation                     169.3          125.1        (45.0)        (78.6)        170.8
Taxation                                          (28.1)          (0.7)        (3.5)         (0.7)        (33.0) 
Profit/(loss) after taxation 
before inter-company charges                      141.2          124.4        (48.5)        (79.3)        137.8
Loss after taxation from 
discontinued operations                               -              -            -             -             - 
Profit/(loss) after taxation 
before inter-company charges                      141.2          124.4        (48.5)        (79.3)        137.8
Inter-company transactions
Management fees                                   (17.3)         (12.0)        30.3          (1.0)            - 
Inter-company interest charges                      1.6          (83.9)        (3.7)         86.0             - 
Profit/(loss) after taxation 
after inter-company charges                       125.5           28.5        (21.9)          5.7         137.8
Segmental assets (total assets 
excluding goodwill)                             1,435.5        3,295.8        190.3          48.3       4,969.9
Segmental liabilities                             554.3          665.9         30.9       1,815.3       3,066.4
Goodwill                                       303.5              -            -             -         303.5
Net assets (excluding goodwill) (note 5)          881.2        2,629.9        159.4      (1,767.0)      1,903.5
Capital expenditure (note 6)                       90.9          495.0          0.8             -         586.7
Adjusted EBITDA (note 7)                          219.9          169.9        (47.3)            -         342.5


                                                 Six months ended 31 December 2017
                                                                         Discontinuing 
                                                                           operations
                                      Continuing operations                        Evander  
                            Evander                                       Mines
                                         Mines                                       (Dis-        Re-
                                   (Continuing                          Phoenix  continued    classi-  
Condensed unaudited      Barberton operations)               Funding   Platinum operations   fication
segment report for           Mines    (note 3)  Corporate    Company   (note 4)   (note 3)   (note 8)     Group
the period ended                 R           R          R          R          R          R          R         R
31 December 2018           million     million    million    million    million    million    million   million
Revenue
Gold sales (note 1)          700.3       204.6          -          -          -      558.1     (558.1)    904.9
Platinum sales                   -           -          -          -       24.7          -      (24.7)        - 
Realisation costs             (2.9)      (22.2)         -          -          -       (2.0)       2.0     (25.1) 
Net revenue                  697.4       182.4          -          -       24.7      556.1     (580.8)    879.8
Gold cost of 
production                  (564.1)     (112.2)         -          -          -     (551.7)     551.7    (676.3) 
Platinum cost 
of production                    -           -          -          -      (28.2)         -       28.2         -
Mining depreciation          (38.3)       (6.8)         -          -          -      (59.7)      59.7     (45.1) 
Mining profit                 95.0        63.4        -          -       (3.5)     (55.3)      58.8     158.4
Other (expenses)/income
(note 2)                      (7.7)       11.2      (25.6)         -        0.7        8.6       (9.3)    (22.1) 
Adjustment on sale 
of asset held for sale           -           -          -          -       (4.9)         -        4.9         -
Royalty costs                 (2.9)       (0.4)         -          -          -       (2.8)       2.8      (3.3) 
Net income/(loss) before
finance income and 
finance costs                 84.4        74.2      (25.6)         -       (7.7)     (49.5)      57.2     133.0
Finance income                 1.2         1.6        3.2        1.4        0.2        6.0       (6.2)      7.4
Finance costs                    -           -       (0.2)     (14.1)         -      -          -     (14.3) 
Profit/(loss) 
before taxation               85.6        75.8      (22.6)     (12.7)      (7.5)     (43.5)      51.0     126.1
Taxation                      (9.5)        3.4       (5.7)      (0.3)       0.7       (5.5)       4.8     (12.1) 
Profit/(loss) 
after taxation before 
inter-company charges         76.1        79.2      (28.3)     (13.0)      (6.8)     (49.0)      55.8     114.0
Loss after taxation from
discontinued operations          -           -          -          -          -          -      (55.8)    (55.8) 
Profit/(loss) 
after taxation before
inter-company charges         76.1        79.2      (28.3)     (13.0)      (6.8)     (49.0)         -      58.2
Inter-company 
transactions
Management fees              (14.6)       (0.9)      18.9       (1.0)         -       (2.4)         -         - 
Inter-company 
interest charges              (4.4)          -       (3.0)      12.4          -       (5.0)         -         -
Profit/(loss) 
after taxation after 
inter-company charges         57.1        78.3      (12.4)      (1.6)      (6.8)     (56.4)         -      58.2
Segmental assets 
(total assets 
excluding goodwill)        1,258.8     3,840.4      171.7       86.7          -          -          -   5,357.6
Segmental liabilities        463.9       882.3       43.8      777.3          -          -          -   2,167.3
Goodwill                     303.5           -          -          -          -          -          -     303.5
Net assets (excluding
goodwill) (note 5)           794.9     2,958.1      127.9     (690.6)         -       -          -   3,190.3
Capital expenditure 
(note 6)                      71.4       619.0        0.6          -        6.0          -          -     697.0
Adjusted EBITDA 
(note 7)                     122.7        81.0     (25.6)          -       (2.8)       10.2      (7.4)    178.1

Note 1: All gold sales were made in South Africa and the majority of revenue (more than 90%) was generated 
from South African financial institutions.
Note 2: Other (expenses)/income exclude inter-company management fees and dividends.
Note 3: During the prior financial reporting period, Evander Mines underground mining operations ceased 
mining on 31 May 2018. The Evander Mines' Elikhulu, ETRP and the mining and vamping of the remnant high-grade 
stopes at Evander, as part of the phased closure of the underground mining operation, remain as continuing 
operations.
Note 4: Phoenix Platinum was classified as held for sale and as a discontinued operation at 30 June 2017. 
The disposal was concluded on 6 November 2017.
Note 5: All assets are held within South Africa, and the segmental assets and liabilities presented, exclude 
inter-company balances. 
Note 6: Capital expenditure comprises of additions to property plant and equipment and mineral rights 
and intangible assets.
Note 7: Adjusted EBITDA is represented by earnings before interest, taxation, depreciation and losses from 
discontinued operations.
Note 8: Relates to the reclassification of operations as discontinued.


4. Net finance (expenses)/income
                                                  Unaudited        Unaudited        Unaudited        Unaudited
                                                 six months       six months       six months       six months
                                                      ended            ended            ended            ended
                                                31 December      31 December      31 December      31 December
                  2018             2017             2018             2017
                                                GBP million      GBP million        R million        R million
Interest received - bank                                0.1              0.3              1.6              4.8
Interest received - other                               0.1                -              2.8     - 
Interest received - rehabilitation funds                0.1              0.1              1.9              2.6
                                                        0.3              0.4              6.3              7.4
Interest expense - bank                                (4.4)            (0.8)           (80.4)           (14.3) 
Interest expense - other                                  -                -             (0.5)               - 
                                                       (4.4)            (0.8)           (80.9)           (14.3)
Net finance (expenses)/income (note 1)                 (4.1)            (0.4)           (74.6)            (6.9)

Note 1: The net finance (expenses)/income from financial assets and liabilities that are not measured at fair 
value through profit or loss except for interest received from rehabilitation funds.


5. Taxation
                                                  Unaudited        Unaudited        Unaudited        Unaudited
                                                 six months       six months       six months       six months
                                                      ended            ended            ended            ended
                                                31 December      31 December      31 December      31 December
                                                       2018             2017             2018             2017
                                                GBP million      GBP million        R million        R million
Income taxation expense
South African normal taxation
- current year                                          1.4              0.1             25.2              1.8
Deferred taxation
- current year                                          0.4              0.6              7.8             10.3
Total taxation expense                                  1.8              0.7             33.0             12.1

            Unaudited        Unaudited        Unaudited        Unaudited
                                                 six months       six months       six months       six months
                                                      ended            ended            ended            ended
                                                31 December      31 December      31 December      31 December
Unredeemed capital and assessed                        2018             2017             2018             2017
loss expenditure (note 1)                       GBP million      GBP million        R million        R million
Evander Mines - unredeemed capital                    135.2             70.6          2,476.1          1,176.8
Evander Mines - assessed loss                          27.7           10.5            507.2            174.5
                                                      162.9             81.1          2,983.3          1,351.3

Note 1: Deferred taxation assets have been recognised in respect of all assessed losses and unredeemed 
capital expenditure.


6. Financial instruments
                                                  Unaudited        Unaudited        Unaudited        Unaudited
                                                 six months       six months       six months       six months
                                                      ended            ended            ended            ended
                                                31 December      31 December      31 December      31 December
             2018             2017             2018             2017
                                                GBP million      GBP million        R million        R million
Financial assets and liabilities by category
Financial assets (note 1)
Measured at amortised cost
Cash and cash equivalents                               2.7              7.1             50.1            118.7
Long-term receivables                                   1.3              2.6             23.4             42.8
Current portion of long-term receivables                1.0                -             19.1                - 
Trade receivables (note 2)                              5.9              7.1            108.2            117.8
Measured at fair value through other 
comprehensive income
Investment                                      6.8              5.5            124.3             91.5
Designation at fair value through profit and loss
Rehabilitation funds                                   20.2             21.4            369.8            357.5
Financial instruments asset                               -              0.3                -              5.8
Financial liabilities 
Measured at amortised cost
Trade and other payables (note 3)                      31.5             27.6            577.0            460.1
Revolving credit facility                              44.5             40.6            815.4            676.6
Term loan facility                                     54.6              5.7          1,000.0             95.1
Measured at fair value through profit or loss
ESOP liability                                          0.5              0.1              9.9              1.9
Financial instruments liability                         0.1                -              1.7                - 
Cash settled share options liability                    1.1              2.8             20.3             46.3

Note 1: At the end of the current reporting period the group did not have trade receivables that are past 
overdue and not impaired.
Note 2: Trade receivables exclude prepayments, taxation and VAT. 
Note 3: Trade and other payables exclude taxation and VAT.

Fair value hierarchy
Financial instruments are measured at fair value and are grouped into levels 1 to 3 based on the extent to 
which fair value is observable. 

The levels are classified as follows:
Level 1 - fair value is based on quoted prices in active markets for identical financial assets or liabilities.
Level 2 - fair value is determined using inputs other than quoted prices included within level 1 that are 
observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices).
Level 3 - fair value is determined on inputs not based on observable market data.

                                             Unaudited six months ended 31 December 2018
                                   Level 1              Level 2                 Level 3              Level 4
                              GBP           R        GBP          R        GBP          R        GBP         R
                          million     million    million    million    million    million    million   million
Investment (note 1)           6.8       124.3          -          -          -          -        6.8     124.3
Rehabilitation funds 
(note 2)                     20.2       369.8          -          -          -          -       20.2     369.8
Cash settled share  
option liability
(note 3)                        -           -        1.1       20.3          -          -        1.1      20.3
Financial instruments 
liability (note 5)              -           -        0.1        1.7          -          -        0.1       1.7
ESOP liability (note 4)         -           -          -          -        0.5        9.9        0.5       9.9


                                             Unaudited six months ended 31 December 2017
                                   Level 1       Level 2                 Level 3              Level 4
                              GBP           R        GBP          R        GBP          R        GBP         R
                          million     million    million    million    million    million    million   million

Investment (note 1)           5.5        91.5          -          -          -          -        5.5      91.5
Rehabilitation funds 
(note 2)                     21.4       357.5          -          -          -          -       21.4     357.5
Cash settled share 
option liability
(note 3)                        -           -        2.8       46.3          -          -        2.8      46.3
Financial instruments 
liability (note 5)              -           -        0.3        5.8          -          -        0.3     5.8
ESOP liability (note 4)         -           -          -          -        0.1        1.9        0.1       1.9

Note 1: The fair value of the listed investment is treated as Level 1 per the fair value hierarchy, as its
market share price is quoted on a stock exchange.
Note 2: Rehabilitation funds are treated as Level 1 per the fair value hierarchy as the contributions are 
invested in an interest-bearing short-term deposits and equity share portfolios held in insurance investment 
products managed by fund managers.
Note 3: The cash settled share option liability is valued on a mark-to-market basis according to the company's 
quoted share price and other inputs which are company specific.
Note 4: The group's ESOP liability is accounted for on a cash settled basis. The valuation of the liability 
relates to the group's gold operations, and was performed by independent consulting actuaries. The liability 
was valued as a European call option. 
Note 5: The group is exposed to financial derivatives which comprise of cost collar hedges.


7. Borrowings and financial covenants
                                                  Unaudited        Unaudited        Unaudited        Unaudited
                                                 six months       six months       six months       six months
                                                      ended            ended            ended            ended
                                                31 December      31 December      31 December      31 December
                                                       2018            2017             2018             2017
Interest-bearing borrowings                     GBP million      GBP million        R million        R million
Revolving credit facility - current portion             4.5              4.0             82.5             66.1
Revolving credit facility - long-term portion          40.0             36.6            732.9            610.5
Term loan facility - current portion                    5.5                -            100.0                - 
Term loan facility - long-term portion                 49.1              5.7            900.0             95.1
Total interest-bearing borrowings                      99.1             46.3          1,815.4            771.7
Available facilities
Revolving credit facility                              10.1           19.5            185.0            325.0
Term loan facility                                        -             54.3                -            905.0
General banking facility                                6.6              4.1            121.5             69.0
                                                       16.7             77.9            306.5          1,299.0

Note 1: Net debt is disclosed as part of the APM summary report. Refer to note 16.

Financial covenants
The group's compliance to the revolving credit and term loan facility debt covenants are summarised below:

                                                                                    Unaudited        Unaudited
                                                                                   six months       six months
                                                                                        ended            ended
                                                                                  31 December      31 December
                                                                                         2018             2017
Covenant                                     Measurement                          GBP million      GBP million
Net-debt-to-equity ratio                     Must be less than 1:1                       0.85             0.19
Net-debt-to-adjusted EBITDA ratio (note 1)   Must be less than 2.5:1                     3.24             2.25
Interest cover ratio                         Must be greater than 2.5 time at            3.64             4.62
                                        31 December 2018 and 4 times thereafter
Debt service cover ratio                     Must be greater than 1.3 times              2.85             1.85

Note 1: The net debt to adjusted EBITDA covenant is only measurable in December 2019, as agreed with the 
consortium of South African banks given the delay between capital expenditure and revenue generation. This 
allows for the measurement period to appropriately measure the cash flows of Elikhulu following the 
conclusion of construction, with the net debt.


8. Capital expenditure
                                                            Unaudited
                         Development capital    Maintenance capital    Expansion capital            Total
                              GBP           R        GBP          R        GBP          R        GBP         R
                          million     million    million    million    million    million    million   million
Barberton  31 December        1.9        34.7        1.7       31.2        1.4       25.0        5.0      90.9
Mines      2018
           31 December        2.0        35.2        1.0       17.5        1.1       18.7        4.1      71.4
           2017
Evander    31 December          -         0.1          -          -          -          -          -       0.1
Mines      2018
           31 December        1.7        30.4        4.1       72.1        0.3        4.8        6.1     107.3
           2017
Elikhulu   31 December          -           -          -          -       27.0      494.8       27.0     494.8
       2018
           31 December          -           -          -          -       29.0      511.7       29.0     511.7
           2017
Phoenix    31 December          -           -          -          -          -          -          -         -
Platinum   2018  
           31 December          -           -        0.3        6.0          -          -        0.3       6.0
           2017
Corporate  31 December          -         0.9          -          -          -          -          -       0.9
           2018
           31 December          -         0.6          -          -          -          -          -       0.6
           2017
Total      31 December        1.9        35.7        1.7       31.2       28.4      519.8       32.0     586.7
           2018
           31 December      3.7        66.2        5.4       95.6       30.4      535.2       39.5     697.0
           2017


9. Share capital
                                                                 Unaudited          Unaudited          Audited
                                                                six months         six months             year
             ended              ended            ended
                                                               31 December        31 December          30 June
                                                                      2018               2017             2018
Issued
Number of ordinary shares issued (note 1)                    2,234,687,537      2,234,687,537    2,234,687,537
Treasury shares in issue (note 2)                             (306,358,058)      (436,358,058)    (306,358,058)
                                                             1,928,329,479      1,798,329,479    1,928,329,479
Ordinary shares issued of GBP0.01 each                           22,346,875         22,346,875       22,346,875

Note 1:  No additional ordinary shares were issued during the current reporting period.
Note 2: On 30 May 2018, PAR Gold disposed of 130 million Pan African Resources' shares at GBP0.07 per share, 
resulting in a decrease in the treasury shares held by PAR Gold in Pan African Resources.


10. Disposals and acquisitions
There were no disposals or acquisitions noted during the current reporting period.

Corresponding period
Phoenix Platinum located in the North West province of South Africa was sold to Sylvania Platinum Limited 
on 6 November 2017 for R89.0 million. Refer to the result announcements for the financial year ended 
30 June 2017 and six months ended December 2017 for additional information on this transaction.


11. Commitments and contingent liabilities
                                                  Unaudited        Unaudited        Unaudited        Unaudited
                                                 six months       six months       six months       six months
                                                      ended            ended            ended            ended
                                                31 December      31 December      31 December      31 December
      2018             2017             2018             2017
                                                GBP million      GBP million        R million        R million
Outstanding open orders                                10.2             64.3            187.2          1,071.2
Authorised commitments not yet contracted for           4.7             10.2             86.5            170.4
Operating lease commitments 
- due within the next 12 months                         0.7              0.1             13.4              1.8
Guarantees - Eskom Holdings SOC Limited                 1.3              1.5             24.6             24.6
Guarantees - DMR                                        0.8              0.8             14.0             14.0

Outstanding orders in the corresponding reporting period related primarily to the construction of Elikhulu.
 
No material contingent liabilities were identified in the current or corresponding reporting period.


12. Related party transactions
The related party transactions have been summarised in the following notes:
- Inter-company interest and management fees - refer to note 3. Inter-company loans have no specific repayment 
terms, are repayable on demand and bear interest in relation to the treasury function provided by Funding 
Company; and
- Inter-company reciprocal dividend - refer to condensed consolidated statement of changes in equity.

No further major related party transactions occurred, either with third parties or with group entities, 
during the current and corresponding reporting period.


13. Going concern
The board confirms that the business is a going concern and that it has reviewed the group's working capital 
requirements in conjunction with its future funding capabilities for at least the next twelve months from the 
date of approval of the condensed consolidated interim financial statements and has found them to be adequate. 
The group has a R1 billion revolving credit facility from a consortium of South African banks as well as access 
to general banking facilities of R121 million. At 31 December 2018, the group had available borrowing capacity 
on the revolving credit facility of R185 million (GBP10.1 million) to assist in funding working capital 
requirements. The group is exposed to a number of macro-economic risks, including the gold price and the 
prevailing ZAR:USD exchange rate. Management is not aware of any other material uncertainties which may cast 
significant doubt on the group's ability to continue as a going concern. Should the need arise, the group 
can cease discretionary exploration and certain capital expenditure activities to conserve cash on the short 
to medium term and curtail loss making operations.


14. Events after the reporting period
The group had no material events after the reporting period.


15. Correction of prior period errors
Classification of the settlement of cash settled share option costs
For the year ended 30 June 2017 and six months ended 31 December 2017, the payment of cash settled share 
options of GBP3.3 million (R58.0 million) and GBP0.4 million (R6.9 million) respectively, were classified 
as a financing activity in the consolidated statement of cash flows. However, since the payment of cash 
settled share options related to employees, these payments should have been classified as an employee cost 
and included in net cash flows from operating activities.

As a consequence, net cash flows from financing activities were overstated and net cash flows from operating 
activities were understated. The error was identified through the JSE's proactive monitoring process. The 
error has been corrected by restating each of the affected financial statement line items for the prior 
reporting periods as follows:

                                                    Audited        Unaudited        Unaudited        Unaudited
                                                       year       six months             year       six months
                                                      ended            ended            ended            ended
                                                    30 June      31 December          30 June      31 December
                                                       2017*            2017             2017*            2017
Impact on the statement of cash flows           GBP million      GBP million        R million        R million
Net cash flows from operating activities               (3.3)            (0.4)           (58.0)            (6.9) 
Net cash flows financing activities                     3.3              0.4             58.0              6.9
Increase/(decrease) in cash and 
cash equivalents                                          -                -                -                -

* This correction applies to the year ended 30 June 2018 annual financial statements and, was not a 
re-presentation, as stated, but an error.

The correction of the classification of the payment of cash settled share options in the consolidated statement 
of cash flows for the year ended 30 June 2017 and six months ended 31 December 2017 had no effect on the:
- consolidated statement of profit or loss and other comprehensive income;
- consolidated statement of financial position and cash holdings; or
- the group's basic and diluted earnings per share.

Classification of the cash outflow from the purchase of the shares in PAR Gold
For the year ended 30 June 2016 the group concluded a transaction for the acquisition of PAR Gold's shares by 
Pan African Resources. The transaction was entered into to secure the group's BEE status and was deemed to be 
strategic in nature. The transaction entailed the acquisition of 49.9% of PAR Gold's shareholding which was 
settled with an issue of Pan African Resources' shares. The transaction was classified as a treasury share 
buyback transaction from a group perspective as PAR Gold held 23.8% of Pan African Resources' shares. The cash 
outflow of GBP25.3 million (R546.9 million) related to this transaction was previously classified as an 
investing activity in the consolidated statement of cash flows. However, since the transaction amounted to 
a treasury share transaction from a group perspective the cash outflow should have been classified as a 
financing activity in the consolidated statement of cash flows in accordance with the criteria of IAS 7.

As a consequence, net cash flows from investing activities were overstated and net cash flows from financing 
activities were understated in the consolidated statement of cash flows for the year ended 30 June 2016. 
The error was identified through the JSE's proactive monitoring process. The error would be corrected by 
restating each of the affected financial statement line items in the consolidated statement of cash flows 
for the prior period as follows:

                                                                                      Audited        Unaudited
                                                                                        ended            ended
       30 June          30 June
                                                                                         2016             2016
Impact on the statement of cash flows                                             GBP million        R million
Net cash flow from investing activities                                                  25.3            546.9
Net cash flow from financing activities                                                 (25.3)          (546.9) 
Increase/(decrease) in cash and cash equivalents                                            -                -

The correction of the classification of the cash outflows resulting from the transaction to purchase the 
shares in PAR Gold in the consolidated statement of cash flows for the year ended 30 June 2016 had no effect 
on the:
- consolidated statement of profit or loss and other comprehensive income;
- consolidated statement of financial position and cash holdings; or
- the group's basic and diluted earnings per share.


16. Alternative performance measures summary for the period ended 31 December 2018                        

  Unaudited      Unaudited      Unaudited      Unaudited
 six months     six months                                                           six months     six months
      ended          ended                                                                ended          ended
31 December    31 December                                                          31 December    31 December
       2018           2017                                                       2017           2018
USD million    USD million      Reconciliation of World Gold Council costs            R million      R million
       70.8           93.7      Cash costs                                              1,255.1        1,005.3
       70.1           91.7      Gold cost of production                                 1,228.0          994.9
        0.7            2.0      Realisation costs                                          27.1           10.4
       77.7          108.2      All-in sustaining costs                                 1,448.0        1,103.8
       70.8           93.7      Cash costs                                              1,255.1        1,005.3
        0.5            0.5      Royalties                                 6.1            6.7
        0.8            0.7      Community costs related to gold operations                  9.0           11.7 
       (0.3)             -      By-product credits                                         (0.3)          (3.9)
        1.3            1.7      Corporate general and administrative costs                 23.0           18.0
        2.4          4.9      Development capital (sustaining)                           65.6           34.7
        2.2            6.7      Maintenance capital expenditure (sustaining)               89.5           31.3
      114.3          110.0      All-in costs                                            1,471.8        1,623.6
       77.7          108.2      All-in sustaining costs        1,448.0        1,103.8
       36.6            1.8      Capital expenditure (non-sustaining)                       23.5          519.8
          -              -      Voluntary severance pay (non-sustaining)                    0.3              -


  Unaudited      Unaudited                                                            Unaudited      Unaudited
 six months     six months                                                   six months     six months
      ended          ended                                                                ended          ended
31 December    31 December                                                          31 December    31 December
       2018           2017                                                                 2017     2018
GBP million    GBP million      Reconciliation of adjusted EBITDA                     R million      R million
       18.7           10.2      Adjusted EBITDA                                           178.1          342.5
        7.5            3.3      Profit after taxation                                      58.2          137.8
        1.8            0.7      Taxation                                  12.1           33.0
        4.4            0.8      Finance costs                                              14.3           80.9 
       (0.3)          (0.4)     Finance income                                             (7.4)          (6.3)
        5.3            2.6      Mining depreciation                                        45.1           97.1
          -            3.2      Loss after taxation on discontinued operations             55.8              -


  Unaudited      Unaudited                                                            Unaudited      Unaudited
 six months     six months                                                           six months     six months
      ended          ended              ended          ended
31 December    31 December                   Cash cost                              31 December    31 December
       2018           2017    Unit           per oz/kg                 Unit                2017           2018
        888          1,099    USD/oz         Cash cost                 R/kg             473,187        405,216
       70.8           93.7    USD million    Cash costs                R million        1,255.1        1,005.3
     79,765         85,282    oz             Gold sold                 kg                 2,653          2,481


  Unaudited      Unaudited                                                            Unaudited      Unaudited
 six months     six months                                                           six months     six months
      ended          ended                                                                ended          ended
31 December    31 December                   In-all sustaining                      31 December    31 December
       2018           2017    Unit           cost per oz/kg            Unit                2017           2018
        975          1,268    USD/oz         All-in sustaining cost    R/kg             545,908        444,946
       77.7          108.2    USD million    All-in sustaining costs   R million        1,448.0        1,103.8
     79,765         85,282    oz             Gold sold                 kg                 2,653          2,481


  Unaudited      Unaudited                                                            Unaudited      Unaudited
 six months     six months                                                           six months     six months
      ended          ended                                                                ended          ended
31 December    31 December                   In-all cost                            31 December    31 December
       2018           2017    Unit           cost per oz/kg            Unit                2017           2018
      1,435          1,289    USD/oz         All-in cost               R/kg             554,890        654,470
      114.3          110.0    USD million    All-in costs              R million        1,471.8        1,623.6
     79,765         85,282    Oz             Gold sold                 kg                 2,653          2,481


  Unaudited      Unaudited                                                          Unaudited      Unaudited
 six months     six months                                                           six months     six months
      ended          ended                                                                ended          ended
31 December    31 December                                                          31 December    31 December
       2018           2017    Headline earnings and headline earnings                      2017           2018
GBP million    GBP million    per share from combined operations                      R million      R million
        7.5            3.3    Basic earnings                                               58.2          137.8
          -            0.3    Fair value movement on asset held for sale                    4.8              -
        7.5            3.6    Headline earnings                                            63.0          137.8

      pence          pence                                                                cents          cents
       0.39           0.20    Headline earnings per share                                  3.51           7.15
       0.39           0.20    Diluted headline earnings per share                          3.50           7.15


  Unaudited      Unaudited                                                            Unaudited      Unaudited
 six months     six months                                                           six months     six months
      ended          ended                   ended          ended
31 December    31 December                                                          31 December    31 December
       2018           2017    Headline earnings and headline earnings                      2017           2018
GBP million    GBP million    per share from continuing operations                    R million      R million
        7.5            6.5    Basic earnings                                              114.0          137.8
        7.5            6.5    Headline earnings                                           114.0          137.8

      pence          pence                                                                cents          cents
       0.39           0.36    Headline earnings per share                                  6.34           7.15
       0.39           0.36    Diluted headline earnings per share                          6.33           7.15


  Unaudited      Unaudited                                                            Unaudited      Unaudited
 six months     six months                                                           six months     six months
      ended          ended                                           ended          ended
31 December    31 December                                                          31 December    31 December
       2018           2017                                                                 2017           2018
GBP million    GBP million    Summary of net debt                                     R million      R million
      102.7           39.2    Net debt                                                    653.0        1,880.3
       44.5           40.6    Revolving credit facility                                   676.6          815.4
       54.6            5.7    Elikhulu term loan facility                                  95.1        1,000.0
        6.3              -    Gold prepayments                        -          115.0 
       (2.7)         (7.1)    Cash and cash equivalents                                  (118.7)         (50.1)


  Unaudited      Unaudited                                                            Unaudited      Unaudited
 six months     six months                                                           six months     six months
      ended          ended                                                                ended          ended
31 December    31 December    Net cash generated by operations                      31 December    31 December
       2018           2017    after taxation, royalty and finance                         2017           2018
GBP million    GBP million    costs and before dividends                              R million      R million
       17.0            8.5    Net cash generated by operations after                      171.1          316.6 
                              taxation, royalty and finance costs and 
                              before dividends                                           
       23.4            9.5    Cash generated by operations                                187.5          434.0 
       (1.1)           0.4    Taxation refund/(paid)                                        7.6          (20.5) 
       (0.3)          (0.4)   Royalties paid                                               (6.5)          (5.4)
          -           (0.4)   Payment of cash settled share options                        (6.9)          (0.5)

       (0.5)             -    Rehabilitation expenses                                      -           (8.6)
        0.8              -    Net receipts from financial instruments                         -           14.6 
       (5.3)          (0.6)   Net finance costs                                           (10.6)         (97.0)


  Unaudited      Unaudited                                                            Unaudited      Unaudited
 six months     six months                                                           six months     six months
      ended          ended                                                                ended          ended
31 December    31 December                     Net asset value                      31 December    31 December
       2018           2017    Unit             per share              Unit                 2017           2018
        6.5           11.7    pence            Group net asset        Cents               194.3          114.4
                                               value per share                            
    2,234.7        2,234.7    share million    Total shares issued    shares million    2,234.7        2,234.7
                                               at year-end                        
     (306.4)        (436.4)   share million    Treasury shares        shares million     (436.4)        (306.4)
    1,928.3        1,798.3    share million                           shares million    1,798.3        1,928.3
      124.9          212.3    GBP million      Net asset value        R million         3,493.8        2,207.0


Operational production report for the period ended 31 December 2018
                                                                           Continuing operations
                                        Period                                           Evander
                                        ended                 Barberton                    Mines
                                        31 December   Units       Mines      BTRP       (note 5)     Elikhulu
Tonnes milled - underground             2018          (t)       127,858          -        37,349             -
                                        2017          (t)       124,969          -             -             -
Tonnes milled - surface                 2018          (t)        12,471          -             -             -
            2017          (t)             -          -             -             -
Tonnes milled - total underground 
and surface                             2018          (t)       140,329          -        37,349             -
                                        2017          (t)       124,969          -             -             -
Tonnes processed - tailings (note 4)    2018          (t)          -    567,109       918,809     3,534,278
                                        2017          (t)             -    458,779       907,969             -
Tonnes processed - surface feedstock    2018          (t)             -          -        67,832             -
                                        2017          (t)             -          -       184,161             -
Tonnes processed - total tailings 
and surface feedstock                   2018          (t)             -    567,109       986,641     3,534,278
                                        2017          (t)             -    458,779     1,092,130             -
Tonnes milled and processed - total     2018          (t)       140,329    567,109     1,023,990     3,534,278
                                        2017      (t)       124,969    458,779     1,092,130             -
Headgrade - underground                 2018          (g/t)         9.6          -             -             -
                                        2017          (g/t)         8.7          -             -             -
Headgrade - surface                     2018          (g/t)         2.3          -             -             -
                                    2017          (g/t)           -          -             -             -
Headgrade - total underground 
and surface                             2018          (g/t)         8.9          -             -             -
                                        2017          (g/t)         8.7          -             -             -
Headgrade - tailings                    2018          (g/t)           -        1.5           0.3           0.3
                                        2017          (g/t)           -        1.4           0.3             -
Headgrade - surface feedstock           2018          (g/t)           -          -           2.0             -
                                        2017          (g/t)           -          -           2.0             -
Headgrade - total tailings and 
surface feedstock                       2018          (g/t)           -        1.5           0.4           0.3
                                        2017          (g/t)           -        1.4           0.6             -
Headgrade - total                       2018          (g/t)         8.9        1.5           0.4           0.3
         2017          (g/t)         8.7        1.4           0.6             -
Overall recovered grade                 2018          (g/t)        8.54       0.66          0.46          0.13
                                        2017          (g/t)        8.00       0.57          0.34             -
Overall recovery - underground          2018          (%)            94          -            94           -
                                        2017          (%)            93          -             -             -
Overall recovery - tailings             2018          (%)             -         42            46            44
                                        2017          (%)             -         41            56             -
Gold produced - underground             2018          (oz)       37,735          -         8,821             -
                                        2017          (oz)       32,159          -             -             -
Gold production - surface operations    2018          (oz)          815          -             -             -
                                        2017          (oz)            -          -             -             -
Gold produced - tailings (note 3)       2018          (oz)            -     12,006         3,634        15,292
                                        2017          (oz)            -      8,452         3,248             -


                                                                                                  Discontinued
                                                                   Continuing operations            operations

                                        Period                Barbeton      Evander                           
                                        ended                    Mines        Mines        Group       Evander
                                        31 December   Units      Total        Total        Total         Mines
Tonnes milled - underground          2018          (t)      127,858       37,349      165,207             -
                                        2017          (t)      124,969            -      124,969       174,233
Tonnes milled - surface                 2018          (t)       12,471            -       12,471             -
                                        2017          (t)            -            -            -            -
Tonnes milled - total 
underground and surface                 2018          (t)      140,329       37,349      177,678             -
                                        2017          (t)      124,969            -      124,969       174,233
Tonnes processed - tailings (note 4)    2018          (t)      567,109    4,453,087    5,020,196             -
          2017          (t)      458,779      907,969    1,366,748             -
Tonnes processed - surface feedstock    2018          (t)            -       67,832       67,832             -
                                        2017          (t)            -      184,161      184,161             -
Tonnes processed - total 
tailings and surface feedstock          2018          (t)      567,109    4,520,919    5,088,028             -
                                        2017          (t)      458,779    1,092,130    1,550,909             -
Tonnes milled and processed -total      2018          (t)      707,438    4,558,268    5,265,706             -
                                        2017          (t)      583,748    1,092,130    1,675,878       174,233
Headgrade - underground             2018          (g/t)        9.6            -          9.6             -
                                        2017          (g/t)        8.7          6.1          7.2           6.1
Headgrade - surface                     2018          (g/t)        2.3            -          2.3             -
                                        2017          (g/t)          -            -            -             -
Headgrade - total underground 
and surface                             2018          (g/t)       8.9             -          8.9             -
                                        2017          (g/t)       8.7           6.1          7.2           6.1
Headgrade - tailings                    2018          (g/t)       1.5           0.3          0.7             -
                     2017          (g/t)       1.4           0.3          0.7             -
Headgrade - surface feedstock           2018          (g/t)         -           2.0          2.0             -
                                        2017          (g/t)         -           2.0          2.0             -
Headgrade - total tailings 
and surface feedstock                   2018          (g/t)       1.5           0.3          0.5             -
                                        2017          (g/t)       1.4           0.6          0.8             -
Headgrade - total                       2018          (g/t)       3.0           0.4          0.5             -
                                        2017          (g/t)       2.9           1.4          1.9           6.1
Overall recovered grade                 2018          (g/t)      2.22          0.21         0.48             -  
                                        2017          (g/t)      2.16          0.34         0.98          5.84
Overall recovery - underground          2018          (%)          94            94           94             -
                                        2017          (%)          93             -           93            96
Overall recovery - tailings             2018          (%)          42            46           44             -
                                        2017          (%)          41            56           49             -
Gold produced - underground             2018          (oz)     37,735         8,821       46,556             -
     2017          (oz)     32,159             -       32,159        32,734
Gold production - surface operations    2018          (oz)        815             -          815             -
                                        2017          (oz)          -             -            -             -
Gold produced - tailings (note 3)       2018          (oz)     12,006        18,926       30,932       -
                                        2017          (oz)      8,452         3,248       11,700             -


                                                                                Total continuing operations
                                                         Period              Barbeton     Evander        
                                                         ended                Mines       Mines        Group
                                                         31 December Units      Total       Total        Total
Tonnes milled - underground                              2018        (t)      127,858      37,349      165,207
                                                         2017        (t)      124,969     174,233      299,202
Tonnes milled - surface                                  2018        (t)       12,471           -       12,471
                                                         2017        (t)            -           -            -
Tonnes milled - total underground and surface            2018        (t)      140,329      37,349      177,678
                                                         2017        (t)      124,969     174,233      299,202
Tonnes processed - tailings (note 4)                     2018        (t)      567,109   4,453,087    5,020,196
                                                         2017        (t)      458,779     907,969    1,366,748
Tonnes processed - surface feedstock                     2018        (t)            -      67,832       67,832
              2017        (t)            -     184,161      184,161
Tonnes processed - total tailings and surface feedstock  2018        (t)      567,109   4,520,919    5,088,028
                                                         2017        (t)      458,779   1,092,130    1,550,909
Tonnes milled and processed - total                      2018        (t)      707,438   4,558,268    5,265,706
                                                         2017        (t)      583,748   1,266,363    1,850,111
Headgrade - underground                                  2018        (g/t)        9.6         7.8          9.2
                                                         2017        (g/t)        8.7         6.1          7.2
Headgrade - surface                                      2018        (g/t)        2.3           -          2.3
                                                         2017        (g/t)          -           -            -
Headgrade - total underground and surface                2018        (g/t)        8.9         7.8          8.7
                                                         2017        (g/t)        8.7         6.1          7.2
Headgrade - tailings                                   2018        (g/t)        1.5         0.3          0.7
                                                         2017        (g/t)        1.4         0.3          0.7
Headgrade - surface feedstock                            2018        (g/t)          -         2.0          2.0
                                                         2017        (g/t)          -     2.0          2.0
Headgrade - total tailings and surface feedstock         2018        (g/t)        1.5         0.3          0.5
                                                         2017        (g/t)        1.4         0.6          0.8
Headgrade - total                                        2018        (g/t)        3.0         0.4          0.5
            2017        (g/t)        2.9         1.4          1.9
Overall recovered grade                                  2018        (g/t)       2.22        0.21         0.48
                                                         2017        (g/t)       2.16        1.10         1.43
Overall recovery - underground                           2018        (%)           94          94           94
                                                        2017        (%)           93          96           94
Overall recovery - tailings                              2018        (%)           42          46           44
                                                         2017        (%)           41          56           49
Gold produced - underground                              2018        (oz)      37,735       8,821       46,556
                                                         2017        (oz)      32,159      32,734       64,893
Gold production - surface operations                     2018        (oz)         815           -          815
                                                         2017        (oz)           -           -            -
Gold produced - tailings (note 3)                        2018        (oz)      12,006      18,926       30,932
                                                         2017        (oz)       8,452       3,248       11,700


                                                                         Continuing operations
                                        Period                                           Evander
                                ended                 Barberton                    Mines
                                        31 December  Units        Mines       BTRP       (note 5)     Elikhulu
Gold produced - surface feedstock       2018         (oz)             -          -         2,711             -
                                        2017         (oz)             -          -         8,689             -
Gold produced - total (note 3)          2018         (oz)        38,550     12,006        15,166        15,292
                                        2017         (oz)        32,159      8,452        11,937             -
Gold sold - total                       2018         (oz)        37,829     11,478        15,166        15,292
                                        2017        (oz)        32,159      8,452        11,937             -
Average ZAR gold price received         2018         (R/kg)     556,770    556,576       553,938       563,250
                                        2017         (R/kg)     554,361    554,589       439,560             -
Average USD gold price received         2018         (USD/oz)     1,220      1,220         1,214         1,216
                                       2017         (USD/oz)     1,288      1,288         1,021             -
ZAR cash cost                           2018         (R/kg)     454,164    252,880       565,367       239,639
                                        2017         (R/kg)     492,826    281,863       337,055             -
ZAR all-in sustaining costs             2018         (R/kg)     532,021    254,837       559,898       258,229
                                        2017         (R/kg)     570,611    282,376       342,189             -
ZAR all-in cost                         2018         (R/kg)     551,908    259,431       559,898     1,298,489
                                        2017         (R/kg)     577,259    328,295       342,951             -
USD cash cost                2018         (USD/oz)     1,009        510         1,239           517
                                        2017         (USD/oz)     1,145        655           783             -
USD all-in sustaining cost              2018         (USD/oz)     1,180        514         1,227           557
                                        2017         (USD/oz)     1,325        656           795             -
USD all-in cost                         2018         (USD/oz)     1,223        525         1,227         2,803
                                        2017         (USD/oz)     1,341        763           797             -
R cash cost per tonne                   2018         (R/t)        3,860        147           260            32
                                        2017      (R/t)        3,945        162           115             -
Capital expenditure                     2018         (R million)   88.7        2.1           0.2         494.8
                                        2017         (R million)   59.3       12.1           1.3         511.7
Revenue                                 2018         (R million)  655.1      198.7         261.3         267.9
                                     2017         (R million)  554.5      145.8         163.2             -
Cost of production                      2018         (R million)  534.4       90.3         266.7         114.0
                                        2017         (R million)  493.0       74.1         125.1             -
All-in sustainable cost of production   2018         (R million)  626.0       91.0         264.1         122.8
                                        2017         (R million)  570.8       74.2         127.0             -
All-in cost of production               2018         (R million)  649.4       92.6         264.1         617.6
                                        2017         (R million)  577.4       86.3         127.3             -
Adjusted EBITDA              2018         (R million)  137.2       82.7          24.8         145.1
                                        2017         (R million)   72.3       50.4          81.0             -
Average exchange rate                   2018         (ZAR:USD)    14.19      14.19         14.19         14.41
                                        2017         (ZAR:USD)    13.39      13.39         13.39             -


                                                                                                  Discontinued
                                                                       Continuing operations        operations
                                        Period                  Barbeton      Evander             
                                        ended        Mines        Mines        Group     Evander
                                        31 December   Units        Total        Total        Total       Mines
Gold produced - surface feedstock       2018          (oz)             -        2,711        2,711           -
                                        2017          (oz)             -        8,689        8,689           -
Gold produced - total (note 3)          2018          (oz)        50,556       30,458       81,014           -
                                        2017          (oz)        40,611       11,937       52,548      32,734
Gold sold - total                       2018          (oz)        49,307       30,458       79,765           -
                                        2017          (oz)        40,611       11,937       52,548      32,734
Average ZAR gold price received         2018          (R/kg)     556,725      558,614      557,446           -
                                        2017          (R/kg)     554,413      439,560      553,653     588,723
Average USD gold price received         2018          (USD/oz)     1,220        1,224        1,222           -
                                        2017          (USD/oz)     1,288        1,021        1,286       1,368
ZAR cash cost                           2018          (R/kg)     407,308      401,829      405,216           -
                                        2017          (R/kg)     448,923      337,055      423,507     552,933
ZAR all-in sustaining costs             2018          (R/kg)     467,496      408,439      444,946    -
                                        2017          (R/kg)     510,625      342,189      472,359     663,970
ZAR all-in cost                         2018          (R/kg)     483,823      930,721      654,470           -
                                        2017          (R/kg)     525,447      342,951      483,987     668,704
USD cash cost                           2018          (USD/oz)       893          881          888           -
                                        2017          (USD/oz)     1,043          783          984       1,284
USD all-in sustaining cost              2018          (USD/oz)     1,025          895          975           -
                                        2017          (USD/oz)     1,186          795        1,097       1,542
USD all-in cost                       2018          (USD/oz)     1,061        2,040        1,435           -
                                        2017          (USD/oz)     1,221          797        1,124       1,553
R cash cost per tonne                   2018          (R/t)          883           84          191           -
                                        2017          (R/t)          971          115          413       3,231
Capital expenditure                     2018          (R million)   90.8        495.0        585.8           -
                                        2017          (R million)   71.4          1.3         72.7       106.0
Revenue                                 2018          (R million)  853.8        529.2      1,383.0           -
                                        2017          (R million)  700.3        204.6        904.9       599.4
Cost of production                      2018          (R million)  624.7        380.7      1,005.4           -
                                        2017          (R million)  567.1        125.1        692.2       563.0
All-in sustainable cost of production   2018          (R million)  717.0        386.9      1,103.9           -
                                        2017          (R million)  645.0        127.0        772.0       676.0
All-in cost of production               2018          (R million)  742.0        881.7      1,623.7           -
                                        2017          (R million)  663.7        127.3        791.0       680.8
Adjusted EBITDA                         2018          (R million)  219.9        169.9        389.8           -
                                        2017          (R million)  122.7         81.0        203.7        10.2
Average exchange rate                   2018          (ZAR:USD)    14.19        14.19        14.19       14.19
                                        2017          (ZAR:USD)    13.39         13.4        13.39       13.39


                                                               Total continuing operations
                                                     Period                  Barbeton     Evander        
                                                     ended                      Mines       Mines        Group
                                                     31 December Units          Total       Total        Total
Gold produced - surface feedstock                    2018        (oz)               -       2,711        2,711
                                                     2017        (oz)               -       8,689        8,689
Gold produced - total (note 3)                       2018        (oz)          50,556      30,458       81,014
     2017        (oz)          40,611      44,671       85,282
Gold sold - total                                    2018        (oz)          49,307      30,458       79,765
                                                     2017        (oz)          40,611      44,671       85,282
Average ZAR gold price received                      2018        (R/kg)       556,725     558,614      557,446
                                                 2017        (R/kg)       554,413     548,863      551,506
Average USD gold price received                      2018        (USD/oz)       1,220       1,224        1,222
                                                     2017        (USD/oz)       1,288       1,275        1,281
ZAR cash cost                                        2018        (R/kg)       407,308     401,829      405,216
                                                     2017        (R/kg)       448,923     495,246      473,187
ZAR all-in sustaining costs                          2018        (R/kg)       467,496     408,439      444,946
                                                     2017        (R/kg)       510,625     577,984      545,908
ZAR all-in cost                          2018        (R/kg)       483,823     930,721      654,470
                                                     2017        (R/kg)       525,447     581,656      554,890
USD cash cost                                        2018        (USD/oz)         893         881          888
                                                     2017        (USD/oz)       1,043       1,150        1,099
USD all-in sustaining cost                           2018        (USD/oz)       1,025         895          975
                                                     2017        (USD/oz)       1,186       1,343        1,268
USD all-in cost                                      2018        (USD/oz)       1,061       2,040        1,435
                                                     2017        (USD/oz)       1,221       1,351        1,289
R cash cost per tonne                                2018        (R/t)            883          84          191
                                                     2017        (R/t)            971         543          678
Capital expenditure                                  2018        (R million)     90.8       495.0        585.8
                                               2017        (R million)     71.4       619.0        690.4
Revenue                                              2018        (R million)    853.8       529.2      1,383.0
                                                     2017        (R million)    700.3       762.6      1,462.9
Cost of production                                   2018        (R million)    624.7       380.7      1,005.4
                                                     2017        (R million)    567.1       688.1      1,255.2
All-in sustainable cost of production                2018        (R million)    717.0       386.9      1,103.9
                                                     2017        (R million)    645.0       803.1      1,448.1
All-in cost of production                        2018        (R million)    742.0       881.7      1,623.7
                                                     2017        (R million)    663.7       808.1      1,471.8
Adjusted EBITDA                                      2018        (R million)    219.9       169.9        389.8
                                                     2017        (R million)    122.7        91.2        213.9
Average exchange rate                                2018        (ZAR:USD)      14.19       14.19        14.19
                                                     2017        (ZAR:USD)      13.39       13.39        13.39

Note 1: Split between ETRP and surface feedstock cost per ton is R42.61/t and R174.91/t respectively, 
averaging at R108/t.
Note 2: Adjusted EBITDA is represented by earnings before interest, taxation, depreciation and loss from 
discontinued operations.
Note 3: Gold produced excludes 22.89kg's and gold in process produced by Elikhulu during August 2018. These 
kilogrammes were capitalised in accordance with IFRS.
Note 4: The tonnes processed by Elikhulu excludes 509,759t which was capitalised in accordance with IFRS.
Note 5: Operations include ETRP and Evander underground operations.
May differ to APM summary report due to rounding. Refer to note 16.

Company information
Pan African Resources PLC
(Incorporated and registered on 25 February 2000 in England and Wales 
under the Companies Act 1985, registration number 3937466) 
Share code on AIM: PAF
Share code on JSE: PAN 
ISIN: GB0004300496

Corporate office
The Firs Office Building
2nd Floor, Office 204
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office: +27 (0) 11 243 2900
Facsimile: +27 (0) 11 880 1240

Registered office
Suite 31 Second Floor
107 Cheapside London EC2V 6DN United Kingdom
Office: +44 (0) 20 7796 8644
Facsimile: +44 (0) 20 7796 8645

Directors
Cobus Loots
Pan African Resources Chief Executive Officer 
Office +27 (0) 11 243 2900

Deon Louw
Pan African Resources
Financial Director
Office +27 (0) 11 243 2900

Company secretary
Phil Dexter
St James?s Corporate Services Limited
Office +44 (0) 20 7796 8644

JSE sponsor
Marian Gaylard
Questco Corporate Advisory Proprietary Limited
Office: +27 (0) 11 011 9200

Nominated adviser and joint broker
John Prior/Paul Gillam Numis 
Securities Limited 
Office: +44 (0) 20 7260 1000

Joint brokers
Ross Allister/David Mckeown
Peel Hunt LLP
Office: +44 (0) 20 7418 8900

Jeffrey Couch/Thomas Rider 
BMO Capital Markets Limited 
Office: +44 (0) 20 7236 1010

Public and investor relations SA
Julian Gwillim
Aprio Strategic Communications
Office: +27 (0) 11 880 0037

Public and investor relations UK 
Bobby Morse/Chris Judd
Buchanan
Office: +44 (0) 20 7466 5000 
[email protected]

Meeting and conference call details are as follows:
Date: 20 February 2019
Time: 11:00 (SAST time), 09:00 (UK time)
Venue: Batha Room, 54 on Bath, 54 Bath Avenue, Rosebank, Johannesburg. 

For those attending in person 
Parking is available at Rosebank Mall. Refreshments will be served after 
the presentation.
 
For those dialing in
A live teleconference facility is available for dial-in participants on the 
following numbers. Please ask to be joined to the Pan African Resources PLC 
call and provide your name and company upon entering the call.
 
UK listeners: 0 333 300 1418
SA listeners: 010 201 6800
South Africa toll free: 0800 200 648

 

Date: 20/02/2019 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Standard form for notification of major holdings

2019/02/19 12:05:00
TR-1: Standard form for notification of major holdings

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("the Company")


TR-1: Standard form for notification of major holdings

  NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if
  possible)i


  1a. Identity of the issuer or the underlying issuer of ex-                                   Pan African Resources Plc
  isting shares to which voting rights are attachedii:

  1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
  Non-UK issuer

  2. Reason for the notification (please mark the appropriate box or boxes with an "X")

  An acquisition or disposal of voting rights                                                                        X

  An acquisition or disposal of financial instruments

  An event changing the breakdown of voting rights

  Other (please specify)iii:

  3. Details of person subject to the notification obligationiv
                                                                  Coronation Asset Management (Pty) Ltd acting as dis-
  Name                                                            cretionary investment manager on behalf of managed
                                                                  portfolios.
  City and country of registered office (if applicable)           Cape Town, South Africa

  4. Full name of shareholder(s) (if different from 3.)v

  Name                                                            N/A

  City and country of registered office (if applicable)

  5. Date on which the threshold was crossed or reachedvi:        19/02/2019

  6. Date on which issuer notified (DD/MM/YYYY):                  19/02/2019


                                                                    1
7. Total positions of person(s) subject to the notification obligation
                                                     % of voting rights
                          % of voting rights at-                                                         Total number of
                                                    through financial in-         Total of both in %
                          tached to shares (to-                                                          voting rights of is-
                                                          struments                  (8.A + 8.B)
                               tal of 8. A)                                                              suervii
                      (total of 8.B 1 + 8.B 2)
Resulting situation
on the date on which
                          6.99%                                                 6.99%                    2 234 687 537
threshold was
crossed or reached
Position of previous
notification (if          7.95%                                                 7.95%
applicable)

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii
A: Voting rights attached to shares
Class/type of             Number of voting rightsix                         % of voting rights
shares
                                 Direct                  Indirect                     Direct                   Indirect
ISIN code (if possible)
                           (Art 9 of Directive     (Art 10 of Directive         (Art 9 of Directive      (Art 10 of Directive
                             2004/109/EC)            2004/109/EC)             2004/109/EC) (DTR5.1)        2004/109/EC)
                                (DTR5.1)                (DTR5.2.1)                                            (DTR5.2.1)
GB0004300496              156 315 117                                                6.99%




SUBTOTAL 8. A                             156 315 117                                            6.99%



B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
                                                                          Number of voting rights
Type of financial in-     Expiration     Exercise/                        that may be acquired if
                                                                                                       % of voting rights
strument                  datex          Conversion Periodxi              the instrument is
                                                                          exercised/converted.




                                         SUBTOTAL 8. B 1




                                                                                                       2
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC
(DTR5.3.1.1 (b))
                                      Exercise/
Type of financial Expiration                              Physical or cash Number of
                                      Conversion Pe-                                             % of voting rights
instrument           datex                 xi             settlementxii       voting rights
                                      riod




                                                            SUBTOTAL 8.B.2



9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")
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) issuerxiii
Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal enti-       X
tyxiv (please add additional rows as necessary)
                                                              % of voting rights through
                                  % of voting rights if it                                  Total of both if it equals or
                                                               financial instruments if it
      Namexv               equals or is higher than                                    is higher than the notifia-
                                                                equals or is higher than
                                 the notifiable threshold                                           ble threshold
                                                                the notifiable threshold
Coronation Fund Manag-
ers Ltd
Coronation Investment
Management SA (Pty) Ltd
Coronation Asset Manage-
                                          6.99%                                                         6.99%
ment (Pty) Ltd




10. In case of proxy voting, please identify:
Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held




                                                                                                                  3
11. Additional informationxvi




Place of completion        Cape Town, South Africa

Date of completion         19th February 2019




Rosebank
19 February 2019




                                                     4
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
Facsimile: + 27 (0) 11 880 1240                    Office: + 44 (0) 207 796 8644
                                                   Facsimile: + 44 (0) 207 796 8645
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                                        John Prior/Paul Gillam
St James's Corporate Services Limited              Numis Securities Limited
Company Secretary                                  Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                      Office: +44 (0) 20 7260 1000
Marian Gaylard                         Ross Allister/James Bavister/David McKeown
Questco Corporate Advisory (Proprietary) Limited   Peel Hunt LLP
JSE Sponsor                                        Joint Broker
Office: + 27 (0) 11 011 9200                       Office: +44 (0) 207 418 8900
Julian Gwillim                                     Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                   BMO Capital Markets Limited
Public & Investor Relations SA                     Joint Broker
Office: +27 (0)11 880 0037                         Office: +44 (0) 207 236 1010
Bobby Morse and Chris Judd                         Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]




                                                                           5

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PAN - PAN AFRICAN RESOURCES PLC - Trading Statement for the six months ended 31 December 2018

2019/02/13 09:07:00
Trading Statement for the six months ended 31 December 2018

Pan African Resources PLC
("Pan African" or "the company" or "the group")
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496

TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2018


In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required
to publish a trading statement as soon as it is satisfied a reasonable degree of certainty exists that the
financial results for the period to be reported upon next, will differ by at least 20% from those of the previous
corresponding period.

Pan African is incorporated in England and Wales and, accordingly, its presentation currency is pounds
sterling ("GBP") with a functional currency in South African rand ("ZAR" or "R").

The ZAR:GBP exchange rate affects the reporting of results in GBP. For the six month reporting period
ended 31 December 2018 ("current reporting period"), the average prevailing ZAR:GBP exchange rate is
used, and in the event of material transactions, the exchange rate on the date of the material transaction is
used to translate earnings from ZAR to GBP.

For the six months ended 31 December 2017 ("corresponding reporting period"), the average ZAR:GBP
exchange rate was ZAR17.65:1. For the current reporting period, the ZAR depreciated against the GBP to
an average exchange rate of ZAR18.36:1. This 4.0% period-on-period depreciation in the average exchange
rate should be taken into account when comparing the current reporting period's results with the
corresponding reporting period's results.

The group records its revenue from precious metals sales in ZAR. The depreciation in the value of the
ZAR/USD exchange rate during the current reporting period positively impacted the USD revenue received
when translated into ZAR. In the current reporting period, the average ZAR/USD exchange rate depreciated
by 6.0% to ZAR14.19:1 (2017: ZAR13.39:1).

Due to the cessation of large-scale underground mining at Evander Gold Mining Proprietary Limited
("Evander Mines"), which includes 8 Shaft, 7 Shaft and the run-of-mine circuit in the Kinross metallurgical
plant, the financial results from Evander Mines' underground operations for the corresponding reporting
period were classified as discontinued operations ("discontinued operations"). The corresponding reporting
period's figures have therefore been restated to differentiate between discontinued operations and the results
from the continuing operations. The combined results comprise the results of the continuing operations and
discontinued operations ("combined operations").

In the current reporting period, the group's weighted average number of shares in issue increased by 7.2%
to 1,928,329,479 shares (2017: 1,798,329,479 shares). The increase in the weighted average number of
shares in issue is due to the disposal of 130-million Pan African shares held by PAR Gold Proprietary Limited
("PAR Gold"), which resulted in a commensurate increase in the weighted average number of shares in
issue, as these shares had previously been accounted for as treasury shares. The proceeds from the
disposal of the Pan African shares held by PAR Gold were partly used to fund the incorporation of the existing
throughput from the Evander Tailing Retreatment Plant ("ETRP") into Elikhulu's processing capacity, which
resulted in an increased capacity to 1.2-million tonnes per month.
ZAR range for EPS and HEPS:

Pan African advises shareholders that its earnings per share ("EPS") and headline earnings per share
("HEPS") in ZAR terms, from its combined operations for the current reporting period, are expected to be:

-   EPS: 116% to 126% higher than the 3.23 cents per share for the corresponding reporting period,
    resulting in an expected EPS range of between 6.98 to 7.30 cents per share.
-   HEPS: 99% to 109% higher than the 3.51 cents per share for the corresponding reporting period,
    resulting in an expected HEPS range of between 6.98 to 7.34 cents per share.

EPS and HEPS, in ZAR terms, from the group's continuing operations, for the current reporting period are
expected to range between 8% to 18% higher than the 6.34 cents per share reported in the corresponding
reporting period, resulting in an expected EPS and HEPS range of between 6.85 to 7.48 cents per share.

GBP range for EPS and HEPS:

In GBP terms, EPS and HEPS from the group's combined operations for the current reporting period, are
expected to be:

-   EPS: 112% to 122% higher than the 0.18 pence for the corresponding reporting period, resulting in an
    expected EPS range of between 0.38 to 0.40 pence per share.
-   HEPS: 90% to 100% higher than the 0.20 pence for the corresponding reporting period, resulting in an
    expected HEPS range of between 0.38 to 0.40 pence per share.

In GBP terms, EPS and HEPS from continuing operations for the current reporting period, are expected to
range between 3% to 13% higher than the 0.36 pence per share reported in the corresponding reporting
period, resulting in an expected EPS and HEPS range of between 0.37 to 0.41 pence per share.


The financial information contained in this announcement has neither been reviewed nor audited by the
company's external auditors. The group's unaudited interim results for the period ended 31 December 2018
will be released on 20 February 2019.

For further information on Pan African, please visit the company's website at www.panafricanresources.com.



13 February 2019

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
Facsimile: + 27 (0)11 880 1240                   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                                      John Prior/Paul Gillam
St James's Corporate Services Limited            Numis Securities Limited
Company Secretary                                Nominated Adviser and Joint Broker
Office: + 44 (0)20 7796 8644                     Office: +44 (0)20 7260 1000
Marian Gaylard                                   Ross Allister/David McKeown
Questco Corporate Advisory Proprietary Limited   Peel Hunt LLP
JSE Sponsor                                      Joint Broker
Office: + 27 (0)11 011 9200                      Office: +44 (0)20 7418 8900
Julian Gwillim                                   Jeffrey Couch/Thomas Rider
Aprio Strategic Communications                   BMO Capital Markets Limited
Public & Investor Relations SA                   Joint Broker
Office: +27 (0)11 880 0037                       Office: +44 (0)20 7236 1010
Bobby Morse/Chris Judd                           Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]

Date: 13/02/2019 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Operational Update for the six months ended 31 December 2018

2019/01/25 09:06:00
Operational Update for the six months ended 31 December 2018

Pan African Resources PLC
("Pan African" or "the company" or "the group")
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496

OPERATIONAL UPDATE FOR THE SIX MONTHS ENDED 31 DECEMBER 2018

Pan African is pleased to provide an operational update for the six months ended 31 December 2018
("current reporting period").

Key highlights for the current reporting period

-    Pan African has made good progress in repositioning the group as a long-life, low cost and focused gold
     producer.
-    Gold production from the group's continuing mining operations (note 1) increased by 54.2% to 81,014oz
     (2017: 52,548oz), with robust operational performances from Barberton Mines' underground operations
     and also from the group's tailings retreatment plants.
         o Gold production from the Barberton complex significantly increased by 24.5% to 50,556oz
             (2017: 40,611oz); and
         o The new Elikhulu tailings retreatment plant ("Elikhulu") contributed 15,292oz (2017: nil) of
             incremental low-cost ounces. Elikhulu reached nameplate throughput capacity in October 2018
             and its optimisation is continuing.
-    The group's continuing focus on safety and ongoing safety improvements yielded encouraging results,
     with material improvements in safety statistics during the current reporting period.
-    The improved production performance, curtailment of large scale underground mining operations at
     Evander Mines and the contribution of incremental low-cost ounces from Elikhulu has resulted in a
     marked reduction in the group's all-in sustaining cost of production. Further detail on costs will be
     provided as part of the 31 December 2018 interim results.
-    Barberton's three year wage agreement is expected to assist with stability at the operation in the coming
     years.

Note 1: The continuing mining operations include: Barberton Mines' operations, Evander Mines' Elikhulu and Evander tailings
retreatment plant ("ETRP") as well as the mining and vamping of the remnant high grade stopes as part of the phased closure of the
underground mining operation. The continuing mining operations excludes the discontinued Evander Mines' large-scale underground
mining operation, which produced 32,734oz in the corresponding six months period ended 31 December 2017 ("corresponding reporting
period"). The group's corresponding reporting period gold production including discontinued operations was 85,282oz.

Pan African CEO Cobus Loots commented:

"The operational and safety performance during the current reporting period demonstrates the progress in
repositioning our group as a low-cost, long-life producer, with the safety of our employees and contractors
always being of paramount importance. We are very pleased with the commissioning of Elikhulu during the
period under review, notwithstanding the challenges associated with delivering a project of this magnitude
and complexity on time and within budget. We now look forward to Elikhulu's growing contribution to the
group's results in forthcoming reporting periods.

In the period ahead, management will continue to focus on further improving our mining operations. The
group remains on track to produce 170,000oz for the full financial year to 30 June 2019.

As previously communicated, the drilling programme on Barberton Mines' Royal Sheba prospect was
completed, indicating a near surface mineral resource of 0.37Moz with a 900m strike and 150m down dip
extension. The total mineral resource is now 0.76Moz (8.97Mt at 2.62g/t) comprising the near surface
resource of 0.37Moz (5.85Mt at 1.96g/t) and the underground mineral resource of 0.39Moz (3.12Mt at
3.87g/t).
We have a demonstrable record of replenishing our mineral resources through effective exploration and look
to organic growth projects, such as Royal Sheba, to further enhance the sustainability of the group's
operations and to continue to deliver attractive returns to all our stakeholders."

Safety

The group has significantly improved its safety performance in the current reporting period. We remain
committed to ensuring the safety of all our employees, while we continue to strive towards a zero harm
environment.

-   The group suffered no fatalities during the current and corresponding reporting periods
-   The group's lost-time injury frequency rate improved significantly to 1.77 (2017: 4.05)
-   The reportable injury frequency rate improved to 0.53 (2017: 0.62)
-   Fairview Mine achieved its one-million fatality-free shift milestone on 15 July 2018

Elikhulu

-   As previously communicated, Elikhulu was successfully commissioned ahead of schedule and within
    budget, and achieved a throughput of 1-million tonnes per month during October 2018.
-   The incorporation of the existing ETRP throughput capacity of 0.2 million tonnes per month into Elikhulu
    was completed in December 2018, which increased Elikhulu's processing capacity to 1.2-million tonnes
    per month.
-   Elikhulu processed 3,534,278 tonnes in the four months from September 2018 to December 2018 at a
    recovered grade of 0.135g/t with 15,291oz (475.6kg) of gold sold, not accounting for August 2018 pre-
    production gold capitalised of 22.9kg (736oz) and gold inventory held in the Elikhulu circuit.
-   Optimisation of the enlarged Elikhulu is continuing, with throughput of 1.1 million tonnes expected in
    January 2019 and the full 1.2 million tonnes of throughput expected from February 2019.

Barberton Mines

-   Barberton Mines produced 50,556oz (2017: 40,611oz) during the current reporting period, comprising:
        - Underground mining operations which contributed 38,550oz (2017: 32,159oz); and
        - Barberton tailings retreatment plant ("BTRP") which contributed 12,006oz (2017: 8,452oz).
-   Barberton Mines produced 100,574oz during the 2018 calendar year and remains on track to achieve
    the market guidance of approximately 100,000oz for the full 2019 financial year.
-   Barberton Mines' period-on-period increase in production benefitted from:
        - Increased underground mining flexibility at both the Fairview Mine high-grade 272 and 358
            platforms; and
        - BTRP production increased significantly due to improved tonnages and recoveries, following the
            successful commissioning of the BTRP regrind mill during May 2018.
-   Barberton Mines successfully concluded a three-year wage agreement during September 2018 with no
    industrial action.

Evander Mines

-   Evander Mines' surface operations and the mining and vamping of the remnant high-grade stopes
    produced 15,166oz (2017: 11,937oz) and positively contributed to the group's earnings before interest,
    taxation, depreciation, and amortisation during the current reporting period.
-   The feasibility study into the merits of mining the 8 Shaft pillar and high-grade areas in proximity to the
    pillar will be completed by the end of February 2019, after which a decision will be made on whether to
    commence mining in these areas.

The financial and other information contained in this announcement has neither been reviewed nor audited
by the company's external auditors. The group's unaudited interim results for the current reporting period
will be released on 20 February 2019.

For further information on Pan African, please visit the company's website at www.panafricanresources.com.

Rosebank
25 January 2019

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
Facsimile: + 27 (0) 11 880 1240                    Office: + 44 (0) 207 796 8644
                                                   Facsimile: + 44 (0) 207 796 8645

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                                        John Prior/Paul Gillam
St James's Corporate Services Limited              Numis Securities Limited
Company Secretary        Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                      Office: +44 (0) 20 7260 1000
Marian Gaylard                                     Ross Allister/James Bavister/David McKeown
Questco Corporate Advisory (Proprietary) Limited   Peel Hunt LLP
JSE Sponsor                                        Joint Broker
Office: + 27 (0) 11 011 9200                       Office: +44 (0) 207 418 8900
Julian Gwillim                                     Jeffrey Couch/ Thomas Rider/ Neil Elliot
Aprio Strategic Communications                     BMO Capital Markets Limited
Public & Investor Relations SA                     Joint Broker
Office: +27 (0)11 880 0037                         Office: +44 (0) 207 236 1010
Bobby Morse and Chris Judd                         Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]

Date: 25/01/2019 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Notification of change in Auditor

2018/12/19 16:37:00
Notification of change in Auditor

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("the Company")

NOTIFICATION OF CHANGE IN AUDITOR

Shareholders are advised that following the completion of a competitive tender process,
PricewaterhouseCoopers LLP has been appointed as the Company's external auditor,
effective 7 December 2018, replacing Deloitte and Touche LLP.

The change in audit firm is subject to approval by shareholders of the Company at the
next annual general meeting of the Company. The Company initiated this change as a
result of the adoption of an audit firm rotation process.

Rosebank
19 December 2018

Sponsor
Questco Corporate Advisory (Proprietary) Limited


Contact information

Corporate Office                              Registered Office
The Firs Office Building                      Suite 31, Second Floor
1st Floor, Office 101                         107 Cheapside
Cnr. Cradock and Biermann Avenues             London
Rosebank, Johannesburg                        EC2V 6DN
South Africa                                  United Kingdom
Office: + 27 (0) 11 243 2900                  Office: + 44 (0) 20 7796 8644
Facsimile: + 27 (0) 11 880 1240

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                                   John Prior / Paul Gillam
St James's Corporate Services Limited         Numis Securities Limited
Company Secretary                             Nominated Adviser and Joint Broker
Office: + 44 (0) 20 7796 8644                 Office: +44 (0) 20 7260 1000

Questco Corporate Advisory (Proprietary) Limited
JSE Sponsor
Office: +27 (0) 11 011 9200

Date: 19/12/2018 04:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Change in JSE Sponsor

2018/12/06 09:07:00
Change in JSE Sponsor

Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("the Company")

CHANGE IN JSE SPONSOR

The Board of Directors of the Company advises shareholders that Questco Corporate Advisory
Proprietary Limited ("Questco") has been appointed as the Company's JSE Sponsor, with effect from
6 December 2018.

6 December 2018

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 06/12/2018 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Update on Barberton Mines' Royal Sheba Project

2018/11/30 09:09:00
Update on Barberton Mines' Royal Sheba Project

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company" or the "Group")

UPDATE ON BARBERTON MINES' ROYAL SHEBA PROJECT ("ROYAL SHEBA")

Shareholders are referred to previous announcements relating to Royal Sheba, specifically, the
announcement of 6 September 2018 pertaining to the update on the exploration drilling programme
and the Mineral Resource Estimate ("MRE"). The Group has finalised the exploration drilling
programme on the Royal Sheba project and can now provide an updated MRE, signed off by an
independent mining consultant - SRK Consulting (South Africa) Pty Ltd ("SRK") in accordance with
the South African Code for the Reporting of Exploration Results, Mineral Resource and Mineral
Reserve, 2016 edition (the "SAMREC Code"). The exploration results have exceeded expectations
and the salient features of the updated MRE are as follows:

   -   Royal Sheba's total Mineral Resources declared and independently signed off by SRK at
       0.8Moz (8.97Mt at 2.62g/t);

   -   A 6% increase in the near surface Mineral Resource from 0.35Moz (2.84Mt at 3.81g/t) to
       0.37Moz (5.85Mt at 1.96g/t). The updated MRE is considered conservative, exhibiting a high
       level of confidence, and the Company believes there is further exploration upside;

   -   The near surface Mineral Resource of 0.37Moz is conducive to open-pit mining;

   -   The Royal Sheba Project's near surface drilling programme (Phase 1, 2 and 3, totalling
       4,311.6m of drilling) confirms robust mineralisation extending from the surface along a 900m
       strike and 150m down dip of the Royal Sheba orebody;

   -   Summarised drilling results confirms the mineralisation ranges in a width from 5m to 25m with
       in-situ gold grades ranging between 0.5g/t to 376g/t and averaging 3.14g/t;

   -   The underground Mineral Resource is delineated at 0.39Moz (3.12Mt at 3.87g/t) and;

   -   The Definitive Feasibility Study ("DFS") undertaken by DRA Global (Pty) Ltd ("DRA") is
       progressing well and is expected to be completed in February 2019.

The Company has commenced an extended exploration drilling programme at Barberton Mines'
mining right at New Consort Mines, targeting the Main Maiden Reef ("MMR") orebody as a potential
satellite deposit for the Royal Sheba project.

       Pan African CEO Cobus Loots commented:

       "Pan African is very pleased with the outcome of our in-fill drilling programme and the updated
       Mineral Resource Estimate for the Royal Sheba Project. The drilling programme has
       confirmed that the orebody extends to surface, with the potential to establish a new open pit
       mining operation, which will transition to an underground mining operation only after a number
       of years. The scale and grade of the Royal Sheba Mineral Resource gives us confidence to
       advance the near-surface mineral resource to a definitive feasibility study status, which DRA
       is currently undertaking, with this full study expected in February 2019.

       We are excited by the further prospectivity of our mining lease specifically New Consort,
       where drilling has recently commenced to identify similar near-surface mineral resources at
       the Main Maiden Reef orebody, targeting 0.2Moz to 0.3Moz at an in-situ grade of between
       2g/t and 4g/t.

       Royal Sheba's opencast has the potential to sustainably increase production from our flagship
       Barberton operations at a very competitive cost, further bolstering Pan African's low cost,
       long-life asset portfolio. In conjunction with the feasibility process, we have commenced work
       on planning and permitting. We look forward to working with all stakeholders in advancing this
       project, to the benefit of all our stakeholders - including our shareholders, the Mpumalanga
       province and the greater Barberton area."

MRE results

Project geology

The Royal Sheba orebody is associated and aligned along the prominent regional shear zone of the
Sheba Fault, within the north-western quadrant of the Archaean - aged Barberton Greenstone Belt.
The Sheba Fault juxtaposes the Fig Tree Group's deep marine sediments, namely the greywacke
and banded chert and carbonatised shale in the Ulundi Syncline, adjacent to the shallow marine
sediments of the Moodies Group in the Eureka Syncline.

The mineralisation of the Royal Sheba orebody is encapsulated in a shear envelope of the Sheba
Fault, ranging in width from 5m to 25m. The gold mineralisation occurs predominantly in sulphide
minerals and as native gold. In-situ gold grades range up to 376g/t averaging 3.14g/t. The Royal
Sheba orebody has a potential strike length of more than 900m and the down dip extension has been
drill tested to a depth of 600m and remains open. The Royal Sheba orebody is therefore open ended
along strike and down dip.

Drilling results

                                                          Full composite          Significant intersection

                  Intersection                     Corrected         Average      Corrected        Average
                         depth    Intersection   intersected           grade    intersected          grade
Drillhole             downhole     depth below         width     intersected          width    intersected
Number                      (m)      collar (m)       (m)           (g/t)           (m)           (g/t)
RSPE001                  34.75           31.49         11.50            3.38          0.65           19.16
RSPE002                  56.63           51.32          9.89            2.53          3.28            5.10
RSPE003                  24.34           22.06         12.94            0.91          1.36            2.31
RSPE004                  47.32           42.89          6.28            1.36          0.62            5.96
RSPE005                  26.34           23.87         15.59            1.91          0.34            9.96
RSPE006                  35.02           31.74          8.77            1.41          3.50            2.98
RSPE007                  26.73           24.23         14.17            1.38          2.13            5.45
RSPE008                   6.97            6.32         13.60            3.17          1.81           12.79
RSPE009                  69.56           63.04         11.48            6.10          1.73           30.43
RSPE010                  25.54           23.15          8.01            0.63          1.00            2.12
RSPE011                  38.70           35.07          8.33            0.72          1.05            1.83
RSPE012                  24.05           19.70         24.05            1.53          2.42            6.35
RSPE013                  67.91           61.55         10.97            2.67          5.96            3.37
RSPE014                  42.88           35.13          7.83            1.50          3.80            2.51
RSPE015                  60.23           13.55          8.51            0.62          1.60            2.32
RSPE016                  84.59           10.31         13.85            1.38          3.11            3.12
RSPE017                  68.87           49.54         15.98            0.84          1.83            2.22
RSPE018                 105.10           89.13         21.54            0.25          0.91            1.01
RSPE019        56.96           18.54         18.60            0.47          0.30            4.97
RSPE020                  92.54           67.68          8.84            0.33          1.23            1.71
RSPE026*                153.55           26.66          6.27            0.52          1.93            1.07
RSPF001                 105.00           95.16          4.32            0.68          1.07      1.37
RSPF004                  54.10           49.03          9.54            0.20          0.39            1.00
RSPF005                  45.50           41.24          7.52            0.15          0.29            0.76
RSPF006                  53.73           48.70          8.73            0.35          0.31            1.32
RSPF010*                110.22           99.89         32.62    0.13          0.35            0.82
RSPF011*                 98.30           89.09          1.76            0.39          0.37            0.76
RSPF012*                150.73          136.61          8.07            0.20          0.76            0.77
RSPF014*                137.98          125.05          6.86            0.64          0.75            2.85
RSPF016*                 74.53           67.55          8.10            0.23          0.40            0.32

* Drill holes not incorporated into the updated MRE due to the assaying results being released after completion of
the MRE. The assay results of an additional nine drill holes' assay results are still outstanding. All drill hole results
will be incorporated into the annual Mineral Resource update.

The in-fill drilling programme of 4,311.6m (Phase 1, 2 and 3) comprising 39 drill holes was completed
in November 2018. The 25 drill-hole results presented above were used in the updated MRE,
confirming robust mineralisation extending from surface over a strike length of more than 900m at
grades above economic break-even concentrations (0.5g/t).

Mineral Resource

SRK audited the updated geological model and MRE for the Royal Sheba Project and is of the
opinion that the Mineral Resource statement, as tabulated below, effective 27 November 2018, is a
reasonable representation of the in-situ grade, tonnage and metal content as contained in the
mineralised envelope. Mr. Ivan Doku, who is responsible for the audit on behalf of SRK, has signed
off on the Mineral Resource statement below.

The following new Mineral Resource tabulation has been reported from the 3D geological model and
resource block model, using a 0.5g/t cut-off grade for near-surface ore (within a ZAR 600 000 per
kilogram of gold Whittle pit shell at a revenue factor of 1.5) and 1.7g/t for down-dip extensions to be
mined from underground workings. The underground Mineral Resource excludes a 30m crown pillar
beneath the pit and is reported within the modelled mineralisation envelope based on current drill
holes available.

                                                                                       Contained gold

                                                        Tonnes            Grade            Tonnes         Ounces
  As at 30 June 2018                 Category
                                                     (Million)         (g/t)            (Gold)         (K'oz)


                                     Measured             3.10             2.10              6.52           210
  Open-pit Mineral Resource
  (0.5g/t cut-off)
                                    Indicated             2.32             1.84              4.28           138
                                    
                                     Inferred             0.43             1.56              0.67            22

                                      Total               5.85             1.96             11.47           369



                                     Measured             0.95             3.62              3.45           111

                                    Indicated             1.52             4.24              6.46       208
  Underground Mineral
  Resource (1.7g/t cut-off)
                                     Inferred             0.64             3.38              2.16            69

                                        Total             3.12             3.87             12.07           388
   
  Resources                             Total             8.97             2.62             23.54           757

Mineral Resources are reported in accordance to the South African Code for the Reporting of
Exploration Results, Mineral Resources and Mineral Reserves (SAMREC) Code. Mineral Resources
would be the same if it is reported according to the guidelines of the Canadian Institute of Mining's
(CIM) National Instrument 43-101. Cut-off values are calculated at 0.5g/t and 1.7g/t for open-pit and
underground Resources, respectively, applying a gold price of ZAR 600 000/kg (USD 1 435/oz and
ZAR 13.00/1 USD). Mineral Resources are reported inclusive of Mineral Reserves. Open-pit Mineral
Resources are reported within an optimised ZAR 600 000 per kg Au pit shell with a revenue factor of
1.5. All Mineral Resources reported exclude geological structures and a crown pillar of 30m below the
open-pit shell. Mineral Resources are reported as in-situ tonnes. Any discrepancies in totals are due
to rounding. Additional effects of geological, mining and recovery losses have been considered in the
cut-off grade calculations.

Exploration

The Company has achieved its objective of generating 0.37Moz (5.85Mt and 1.96g/t) near-surface
Mineral Resources for the Royal Sheba Project and is now exploring the Jamestown Shear Zone,
within the New Consort mining right for near-surface Mineral Resources. The exploration team is
excited to advance the prospective MMR orebody at New Consort. This brownfield project targets
near-surface mineral resource definition drilling to yield between 0.2Moz to 0.3Moz, at grades
between 2g/t and 4g/t.

The exploration programme comprises of two phases. Phase 1 drilling commenced on 13 November
2018 and will comprise 10 drill holes, totalling 1,035m, testing 600m of strike length and 200m of dip
extension of the MMR orebody and the associated Consort Bar. Phase 2 will comprise a further 11
drill holes, totalling 1,350m, which will test a further 500m of westerly strike and dip extension of the
MMR deposit.

Several historic satellite deposits have also been identified in the Jamestown Shear Zone and Sheba
Hills namely the Bluejackets, Betty, Hard Cash and No. 3 Shaft orebodies, as well as Clutha, Golden
Quarry, Oriental Quarry, Eureka, Margaret and Sheba West for resource definition drilling.

Next steps

A DFS for the development of the Royal Sheba Project is being undertaken by DRA which is
progressing well and is expected to be completed in February 2019. Pan African has also started with
the process of obtaining the regulatory permitting required for the project.

The information contained in this announcement has not been reviewed or reported on by Pan
African's auditors and is the responsibility of the directors of Pan African.

The competent person for the Mineral Resource is Mr Hendrik Pretorius, the Group Project Geologist,
who signs off the Mineral Resources for Evander Mines and Barberton Mines Limited. He is a
member of the South African Council for Scientific Professions (400051/11 - Management Enterprise
Building, Mark Shuttleworth Street, Innovation Hub, Pretoria, Gauteng Province, South Africa), as well
as a member in good standing of the Geological Society of South Africa (GSSA - CSIR Mining
Precinct, Corner Rustenburg and Carlow Roads, Melville, Gauteng Province, South Africa). Mr
Pretorius has 15 years of experience in economic geology and mineral resource management (MRM).
Mr Pretorius holds a BSc. (Hons) degree in Geology from the University of Johannesburg as well as a
Graduate Diploma in Engineering (GDE) from the University of the Witwatersrand. He is based at The
Firs Office Building, 2nd Floor, Office 204, Cnr. Cradock and Biermann Avenues, Rosebank,
Johannesburg, South Africa. Mr Pretorius has confirmed in writing that he has reviewed the
information disclosed in this announcement, which is compliant with section 12 of the JSE Listings
Requirements and Table 1 of the SAMREC Code, and that it may be published in the form and
context in which it is intended.

For further information on Pan African, please visit the Company's website at
www.panafricanresources.com

30 November 2018

Contact information

Corporate Office                        Registered Office
The Firs Office Building                Suite 31
1st Floor, Office 101                   Second Floor
Cnr. Cradock and Biermann Avenues       107 Cheapside
Rosebank, Johannesburg                  London
South Africa     EC2V 6DN
Office: + 27 (0) 11 243 2900            United Kingdom
Facsimile: + 27 (0) 11 880 1240         Office: + 44 (0) 207 796 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                         John Prior / Paul Gillam
St James's Corporate Services Limited   Numis Securities Limited
Company Secretary                       Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644           Office: +44 (0) 20 7260 1000

Taryn Carter                            Ross Allister/James Bavister/David McKeown
One Capital                             Peel Hunt LLP
JSE Sponsor                             Joint Broker
Office: + 27 (0) 11 550 5000            Office: +44 (0) 207 418 8900

Julian Gwillim                          Jeffrey Couch/ /Thomas Rider
Aprio Strategic Communications          BMO Capital Markets Limited
Public & Investor Relations SA          Joint Broker
Office: +27 (0)11 880 0037              Office: +44 (0) 207 236 1010

Bobby Morse
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Email: [email protected]

Website: www.panafricanresources.com

Glossary of technical terms:

Au                         Chemical symbol for gold

Cut-off Grade              The lowest grade     value   that   is   included   in   a
                           resource statement

Grade                      The proportion of a mineral within a rock or other
                           material. For gold mineralisation this is usually
                           reported as grams of gold per tonne of rock (g/t)

g/t                        Grams per tonne

Indicated                  Mineral That part of a mineral resource for which tonnage,
Resource                   densities, shape, physical characteristics, grade
                 and mineral content can be estimated with a
                           reasonable level of confidence. It is based on
                           exploration,   sampling   and  testing   information
                           gathered   through   appropriate   techniques   from
                           locations such as outcrops, trenches, pits, workings
                           and drill holes. The locations are too widely or
                           inappropriately spaced to confirm geological and/or
                           grade continuity but are spaced closely enough for
                           continuity to be assumed

Inferred                   Mineral That part of a mineral resource for which tonnage,
Resource                   grade and mineral content can be estimated with a
                           low level of confidence. It is inferred from
                           geological evidence and assumed but not verified
                           geological and/or grade continuity. It is based on
                           information gathered through appropriate techniques
                           from locations such as outcrops, trenches, pits,
                           workings and drill holes that may be limited, or of
                           uncertain quality and reliability

Life of Mine               The time in which, through the employment of the
                           available   capital,   the  ore reserves--or such
                           reasonable   extension of the ore reserves as
                           conservative geological analysis may justify--will
                           be extracted.

M                          Metre

Mineral Resource           A concentration or occurrence of material of
                           economic interest in or on the Earth's crust in such
                           a form, quality, and quantity that there are
                           reasonable and realistic prospects for eventual
                           economic extraction. The location, quantity, grade,
                           continuity and other geological characteristics of a
                           Mineral Resource are known, estimated from specific
                           geological knowledge, or interpreted from a well
                           constrained and portrayed geological model

Measured Resource          That part of a Mineral Resource for which tonnage,
                           densities, shape, physical characteristics, grade
                           and mineral content can be estimated with a high
                           level of confidence. It is based on detailed and
                           reliable   exploration,   sampling    and   testing
                       information gathered through appropriate techniques
                           from locations such as outcrops, trenches, pits,
                           workings and drill holes. The locations are spaced
                           closely enough to confirm geological and grade
                           continuity

Moz                        Million troy ounces

Orebody                 Mining term to define a solid mass of mineralised
                           rock which can be mined profitably under current or
                           immediately foreseeable economic conditions. "Ore" a
                           mineral deposit that can be extracted and marketed
                           profitably

Ore Reserves               The economically mineable part of a Measured or
                           Indicated Mineral Resource demonstrated by at least
                           a Preliminary Feasibility Study. This Study must
                           include adequate information on mining, processing,
                           metallurgical, economic and other relevant factors
                           that demonstrate, at the time of reporting, that
                           economic extraction can be justified. A Mineral
                           Reserve includes diluting materials and allowances
                           for losses that may occur when the material is mined

Ounce / oz                 Troy ounce, equivalent to 31.103477 grams

Probable Mineral           The economically mineable part of an Indicated and,
Reserve                in some circumstances, a Measured Mineral Resource
                           demonstrated by at least a Preliminary Feasibility
                           Study. This Study must include adequate information
                           on mining, processing, metallurgical, economic, and
                           other relevant factors that demonstrate, at the time
          of reporting, that economic extraction can be
                           justified

Proven Mineral Reserve     The economically mineable part of a Measured Mineral
                           Resource demonstrated by at least a Preliminary
                           Feasibility Study. This Study must include adequate
                           information on mining, processing, metallurgical,
                           economic,   and    other   relevant   factors   that
                           demonstrate, at the time of reporting, that economic
                           extraction is justified

t                          Tonne (1-million grams)

Date: 30/11/2018 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Results of annual general meeting

2018/11/21 09:05:00
Results of annual general meeting

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with
registered number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African" or the "Company" or the "Group")

RESULTS OF ANNUAL GENERAL MEETING

Pan African shareholders ("Shareholders") are advised that at the annual general meeting
("AGM") of Shareholders held on Tuesday, 20 November 2018, all the ordinary and special
resolutions, save for ordinary resolution numbers 8 and 10 and special resolution number
11, as set out in the notice of AGM dated 19 September 2018, were approved by the
requisite majority of Shareholders present or represented by proxy.

The total number of Pan African ordinary shares ("Shares") eligible to vote at the AGM is
2,234,687,537.

All resolutions proposed at the AGM, together with the percentage of shares abstained, as
well as the percentage of votes carried for and against each resolution, are as follows:


Ordinary resolution number 1: To receive and adopt the directors' report, the audited
statement of accounts and the auditor's report for the year ended 30 June 2018

Shares Voted          Abstained              For                    Against

1,711,249,951         415,021
76.58%                0.02%                  100%                   0.00%


Ordinary resolution number 2: To re-elect Mr JAJ Loots as a director of the Company

Shares Voted          Abstained              For                    Against

1,711,162,837         502,135
76.57%                0.02%                  99.76%                 0.24%


Ordinary resolution number 3: To re-elect Mr GP Louw as a director of the Company

Shares Voted          Abstained              For                    Against

1,711,050,237         614,735
76.57%                0.03%                  99.76%                 0.24%


Ordinary resolution number 4: To re-elect Mrs HH Hickey as a member of the audit
committee

Shares Voted          Abstained             For                    Against

1,711,028,862         636,110
76.57%                0.03%                 99.06%                 0.94%


Ordinary resolution number 5: To re-elect Mr KC Spencer as a member of the audit
committee

Shares Voted          Abstained             For                    Against

1,555,243,607         156,421,365
69.60%                7.00%                 85.01%                 14.99%


Ordinary resolution number 6: To re-elect Mr TF Mosololi as a member of the audit
committee

Shares Voted          Abstained             For                    Against

1,691,785,286         19,879,686
75.70%                0.89%                 99.89%                 0.11%


Ordinary resolution number 7: To endorse the Company's remuneration policy (Note 1, 2)

Shares Voted          Abstained             For                    Against

1,535,958,147         175,706,825
68.73%                7.86%                 51.10%                 48.90%


Ordinary resolution number 8: To endorse the Company's remuneration implementation
report (Note 1, 2)

Shares Voted          Abstained             For        Against

1,535,960,747         175,704,225
68.73%                7.86%                 48.61%                 51.39%


Ordinary resolution number 9: To re-appoint Deloitte LLP as auditors of the Company and
to authorise the directors to determine their remuneration

Shares Voted          Abstained             For                    Against

1,711,235,311         429,661
76.58%                0.02%                 85.50%                 14.50%


Ordinary resolution number 10: To authorise the directors to allot equity securities (Note 1)

Shares Voted              Abstained                 For                       Against

1,711,018,645             646,327
76.57%                    0.03%                     46.21%                    53.79%


Special resolution number 11: To approve the disapplication of pre-emption rights (Note 1)

Shares Voted              Abstained                 For                       Against

1,691,882,357             19,782,615
75.71%                    0.89%                     45.40%                    54.60%


Special resolution number 12: To approve market purchases of ordinary shares

Shares Voted              Abstained                 For                   Against

1,711,237,094             427,878
76.58%                    0.02%                     99.16%                    0.84%


Notes

- Percentages of Shares voted are calculated in relation to the total issued ordinary share capital of
   Pan African.
- Percentages of Shares voted for and against each resolution are calculated in relation to the total
   number of Shares voted in respect of each resolution.
- Abstentions are calculated as a percentage in relation to the total issued ordinary share capital of
   Pan African.

1.   In accordance with the UK Corporate Governance Code, when 20% or more of the votes
     have been cast against the board recommendation for a resolution, the company will
     consult with those shareholders who voted against ordinary resolution numbers 7, 8 and
     10 and special resolution number 11 ("Resolutions"), ("Dissenting Shareholders") in
     order to ascertain the reasons for doing so, following which an update on the views
     expressed by such shareholders and the subsequent actions taken by the company will
     be issued.


2.   Furthermore, as required in terms of the King IV Report on Corporate Governance for
     South Africa, 2016 and paragraph 3.84(k) of the JSE Limited Listings Requirements, Pan
     African invites those Shareholders who voted against ordinary resolutions number 7 and
     8 to engage with the Company regarding their views on the Company's remuneration
     policy and the remuneration implementation report.

Dissenting Shareholders may forward their concerns / questions pertaining to the
Resolutions to the Company Secretary via email at [email protected] by close of
business on 30 November 2018. The Company will then respond in writing to these
Shareholders, and if required, engage further with the Shareholders in this regard.


Johannesburg
21 November 2018


Contact information

Corporate Office                        Registered Office
The Firs Office Building         Suite 31, Second Floor
1st Floor, Office 101                   107 Cheapside
Cnr. Cradock and Biermann Avenues       London
Rosebank, Johannesburg                  EC2V 6DN
South Africa                            United Kingdom
Office: + 27 (0) 11 243 2900            Office: + 44 (0) 20 7796 8644
Facsimile: + 27 (0) 11 880 1240

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                             John Prior / Paul Gillam
St James's Corporate Services Limited   Numis Securities Limited
Company Secretary                       Nominated Adviser and Joint Broker
Office: + 44 (0) 20 7796 8644           Office: +44 (0) 20 7260 1000

Taryn Carter                            Ross Allister / James Bavister / David McKeown
One Capital                             Peel Hunt LLP
JSE Sponsor                             Joint Broker
Office: + 27 (0) 11 550 5030            Office: +44 (0) 207 418 8900

Julian Gwillim                          Jeffrey Couch / Thomas Rider
Aprio Strategic Communications          BMO Capital Markets Limited
Public & Investor Relations SA          Joint Broker
Office: +27 (0)11 880 0037              Office: +44 (0) 20 7236 1010

Bobby Morse / Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 20 7466 5000

Website: www.panafricanresources.com

Date: 21/11/2018 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Operational update for the quarter ended 30 September 2018

2018/11/06 09:05:00
Operational update for the quarter ended 30 September 2018

Pan African Resources PLC
("Pan African" or "the company" or "the group")
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496

OPERATIONAL UPDATE FOR THE QUARTER ENDED 30 SEPTEMBER 2018

Pan African is pleased to provide an operational update for the first quarter of the 2019 financial year ("this
quarter" or "first quarter"), and further information on the performance of the Elikhulu Tailings Retreatment
Plant ("Elikhulu").

Pan African CEO Cobus Loots commented:
"Pan African recorded a commendable safety and production performance for the first quarter of the 2019
financial year. The group produced 37,729oz of gold during the quarter, and with Elikhulu now commissioned
and running at design capacity, we are confident of achieving our production guidance of approximately
170,000oz for the 2019 financial year.

Elikhulu ramped-up to its design capacity of 1-million tonnes per month during October 2018, ahead of the
original schedule and on budget. Average gold recoveries achieved were consistent with our forecasts, with
further optimisation of recoveries expected in the short term. The incorporation of the Evander Tailings
Retreatment Plant ("ETRP") into Elikhulu, which will increase Elikhulu's capacity to 1.2-million tonnes per
month, is progressing on schedule, with full commissioning expected to be completed by January 2019.

Barberton Mines is on track to meet its full-year production guidance of 100,000oz, with the underground
operations' production benefitting from Fairview Mine's high-grade 272 and 358 platforms, and the newly
installed regrind mill at the Barberton Tailings Retreatment Plant ("BTRP") performing as anticipated.

At Evander Mines, we have commenced mining and vamping of the remnant high-grade stopes as part of
the phased closure of the underground mining operations as an initiative to supplement Evander Mines'
production, while commencing with the equipping and preparatory work to advance the mining of the 8 Shaft
pillar and high-grade areas in proximity to the pillar. The first phase of the equipping and preparatory work
is expected to be completed in the third quarter of the 2019 financial year.

The drilling programme on Barberton Mines' Royal Sheba prospect has been completed, and we look
forward to updating shareholders on the progress of this exciting growth project in the coming months with
an updated resource statement to be released by the end of November 2018, and the feasibility study still
on schedule for release in February 2019."

Safety

The group has significantly improved its safety performance in the first quarter, and we remain committed
and focussed to ensuring the safety of all our employees, while we continue to strive towards a zero harm
environment.

-     Fairview Mine achieved its one-million fatality-free shift milestone during July 2018;
-     The group had no fatalities in this quarter (2018 Q1: no fatalities);
-     The group's lost-time injury frequency rate improved significantly to 0.57 (2018 Q1:3.64);
-     The reportable injury frequency rate improved significantly in this quarter to zero (2018 Q1: 0.91); and
-     The group is implementing recommendations from independent safety experts, following reviews of the
      respective mining operations' safety systems and controls.

Elikhulu

-     As previously communicated, Elikhulu was successfully commissioned during September 2018, ahead
      of the original project schedule and on budget;
-   During October 2018, the plant attained steady-state production with a throughput of 1-million tonnes
    per month. The average gold recoveries achieved were consistent with our forecasts, with further
    optimisation of recoveries expected in the next months; and
-   The incorporation of the existing ETRP throughput into Elikhulu's processing capacity, which will result
    in an increased processing capacity of 1.2-million tonnes per month, is on track with full commissioning
    expected to be completed by January 2019.

Barberton Mines Proprietary Limited ("Barberton Mines")

-   Barberton Mines produced 27,201oz for this quarter, with underground mining operations contributing
    21,278oz, and the BTRP contributing 5,923oz. Barberton Mines remains on track to deliver its annual
    production guidance of approximately 100,000oz for the 2019 financial year.
-   Barberton Mines' underground operations are benefitting from increased underground mining flexibility
    due to, inter alia, both the high-grade 272 and 358 platforms being available at the Fairview Mine
    operation. The BTRP is also benefiting from the commissioning of the regrind mill during May 2018,
    which has improved throughput and recoveries.
-   Barberton Mines has increased development rates to further improve Fairview Mine's mining flexibility
    at the 11-block by developing towards an additional high-grade platform (256 platform), below the
    existing 272 and 358 platforms. This platform is expected to be in production by the end of the 2019
    financial year.

Evander Gold Mines Proprietary Limited ("Evander Mines")

-   Evander Mines has implemented the following initiatives to maximise Evander Mines' underground gold
    production:
     1) Mining and vamping of the remnant high-grade stopes as part of the phased closure of the
         underground mining operations, which contributed 3,815oz during this quarter; and
     2) While the above operations are ongoing, the mine has commenced equipping and preparatory
         work to advance mining of the 8 Shaft pillar and high-grade areas in proximity to the pillar, following
         a comprehensive review on the technical merits thereof. The first phase of the equipping and
         development of the 8 Shaft pillar and surrounding areas is estimated to be completed in the third
         quarter of the 2019 financial year.
-   The ETRP and surface-source operations produced 3,819oz for this quarter, and the operation is
    investigating new sources of feed for the Kinross plant, once the ETRP operation is integrated into
    Elikhulu.


The financial information contained in this announcement has neither been reviewed nor audited by the
company's auditors and is the responsibility of the directors of Pan African.

For further information on Pan African, please visit the company's website at www.panafricanresources.com



6 November 2018


Contact information


Corporate Office                        Registered Office

The Firs Office Building                Suite 31

2nd Floor, Office 201                   Second Floor

Cnr. Cradock and Biermann Avenues       107 Cheapside

Rosebank, Johannesburg                  London

South Africa                            EC2V 6DN

Office: + 27 (0) 11 243 2900            United Kingdom

Facsimile: + 27 (0) 11 880 1240         Office: + 44 (0) 20 7796 8644

                                        Facsimile: + 44 (0) 20 7796 8645


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                             John Prior / Paul Gillam

St James's Corporate Services Limited   Numis Securities Limited

Company Secretary                       Nominated Adviser and Joint Broker

Office: + 44 (0) 20 7796 8644           Office: +44 (0) 20 7260 1000



Sholto Simpson                          Ross Allister/James Bavister/David McKeown

One Capital                             Peel Hunt LLP

JSE Sponsor                             Joint Broker

Office: + 27 (0) 11 550 5009            Office: +44 (0) 20 7418 8900



Julian Gwillim                          Jeffrey Couch/Thomas Rider

Aprio Strategic Communications          BMO Capital Markets Limited

Public & Investor Relations SA          Joint Broker

Office: +27 (0)11 880 0037              Office: +44 (0) 20 7236 1010



Bobby Morse

Buchanan

Public & Investor Relations UK

Office: +44 (0)20 7466 5000

Email: [email protected]


Website: www.panafricanresources.com

Date: 06/11/2018 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Notice of annual general meeting and no change statement

2018/10/29 12:06:00
Notice of annual general meeting and no change statement

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African" or the "Company" or the "Group")

NOTICE OF ANNUAL GENERAL MEETING AND NO CHANGE STATEMENT

NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that Pan African's annual general meeting ("AGM") of shareholders will be held
at the offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG on Tuesday,
20 November 2018 at 11:00 (all times stated are United Kingdom times unless otherwise stated).

Shareholders are advised that the notice of AGM and the integrated annual report, including the
annual financial statements for the year ended 30 June 2018, are being distributed to shareholders
today, 29 October 2018.

The notice of AGM and the integrated annual report will also be available on the Company's website
at www.panafricanresources.com/investors/financial-reports/ from today, 29 October 2018.

NO CHANGE STATEMENT

The annual financial statements for the year ended 30 June 2018 and the auditor's report thereon
contain no modifications to the information contained in the provisional audited results for the year
ended 30 June 2018 published on Wednesday, 19 September 2018.

SALIENT DATES

                                                                    2018
 Last day to trade in order to be eligible to attend and vote at the AGM    Tuesday, 13 November
 Record date to determine which shareholders are entitled to attend and
 vote at the AGM                                                             Friday, 16 November
 Forms of proxy for the AGM to be lodged by 11:00 on                Friday, 16 November *

* The cut-off date and time for submitting a form of proxy is dealt with in accordance with the laws of
the United Kingdom and the procedures set out in the CREST Manual, as detailed in the Notice of
AGM.


29 October 2018

Contact information

Corporate Office                                   Registered Office
The Firs Office Building    Suite 31, Second Floor
1st Floor, Office 101                              107 Cheapside
Cnr. Cradock and Biermann Avenues                  London
Rosebank, Johannesburg                             EC2V 6DN
South Africa                                       United Kingdom
Office: + 27 (0) 11 243 2900                       Office: + 44 (0) 20 7796 8644
Facsimile: + 27 (0) 11 880 1240

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                                        John Prior / Paul Gillam
St James's Corporate Services Limited      Numis Securities Limited
Company Secretary                                  Nominated Adviser and Joint Broker
Office: + 44 (0) 20 7796 8644                      Office: +44 (0) 20 7260 1000

Taryn Carter                                       Ross Allister / James Bavister / David McKeown
One Capital                                        Peel Hunt LLP
JSE Sponsor            Joint Broker
Office: + 27 (0) 11 550 5030                       Office: +44 (0) 207 418 8900

Julian Gwillim                                     Jeffrey Couch / Thomas Rider
Aprio Strategic Communications                     BMO Capital Markets Limited
Public & Investor Relations SA                     Joint Broker
Office: +27 (0)11 880 0037                         Office: +44 (0) 20 7236 1010

Bobby Morse / Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 20 7466 5000

www.panafricanresources.com

Date: 29/10/2018 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Director's dealings in securities

2018/10/19 17:07:00
Director's dealings in securities

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with
registered number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

DIRECTOR'S DEALINGS IN SECURITIES

DEALING NOTIFICATION FORM
FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND
THEIR CLOSELY ASSOCIATED PERSONS

1.    Details of the person discharging
      managerial responsibilities/person
      closely associated
a)    Name:                                       Keith Cousens 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:                                        213800EAXURCXM6RL85
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 instrument,    Ordinary shares of 1pence each
      type of instrument:
                                                  Identification code: GB0004300496

b)    Nature of the transactions:                 Share Transfer from the Strode Trust into
        the name of KC Spencer
c)    Price(s) and volume(s):                     Price(s)               Volume(s)
                                                  N/A                    3,000,000
d)    Aggregated information:                     Total                  Volume(s)
                                                  N/A                    3,000,000
e)   Date of the transaction:             17 October 2018
f)   Place of the transaction:                    Outside a Trading Venue

Additional information disclosed in accordance with the JSE Listings Requirements:

a)     Nature of interest of executive:                    Direct Beneficial
b)     On-market or off-market:                            Off-market
c)     Clearance given in terms of paragraph 3.66 of the   Yes
     JSE Listings Requirements:
d)     Holding following transactions:                     3,000,000
e)     Deemed value:                                       ZAR5,250,000

Johannesburg

19 October 2018

Contact information
Corporate Office                                  Registered Office
The Firs Office Building                          Suite 31
1st Floor, Office 101                             Second Floor
Cnr. Cradock and Biermann Avenues                 107 Cheapside
Rosebank, Johannesburg                            London
South Africa                                      EC2V 6DN
Office: + 27 (0) 11 243 2900                      United Kingdom
Facsimile: + 27 (0) 11 880 1240                   Office: + 44 (0) 207 796 8644
                                                  Facsimile: + 44 (0) 207 796 8645

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                                       John Prior / Paul Gillam
St James's Corporate Services Limited             Numis Securities Limited
Company Secretary                                 Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                     Office: +44 (0) 20 7260 1000

Taryn Carter                                      Ross Allister/ James Bavister / David
One Capital                                       McKeown
JSE Sponsor                    Peel Hunt LLP
Office: + 27 (0) 11 550 5030                      Joint Broker
                                                  Office: +44 (0) 207 418 8900

Julian Gwillim                                    Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                    BMO Capital Markets Limited
Public & Investor Relations SA                    Joint Broker
Office: +27 (0)11 880 0037                        Office: +44 (0) 207 236 1010

Bobby Morse and Chris Judd                        Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]

Date: 19/10/2018 05:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Director's Dealings in Securities

2018/09/25 07:11:00
Director's Dealings in Securities

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with
registered number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

DIRECTOR'S DEALINGS IN SECURITIES

DEALING NOTIFICATION FORM FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND
THEIR CLOSELY ASSOCIATED PERSONS

1.     Details of the person discharging
       managerial responsibilities/person
       closely associated

a)     Name:                                       Cobus Loots

2.     Reason for the notification

a)     Position/status:                            Chief Executive Officer

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:                                        213800EAXURCXM6RL85

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 instrument,     i)    Long contract for difference (CFD)
       type of instrument:                                at 8.25p each

                                                    ii)   Long contract for difference (CFD)
                       at 8.5p each

                                                   Identification code: GB0004300496

b)     Nature of the transactions:                 Entered into long contracts for difference
                                                   (CFD)

c)    Price(s) and volume(s):                      Price(s)             Volume(s)

      i) 20 September 2018         i)   GBP0.0825       64,280
      ii) 21 September 2018                        ii)  GBP0.085        50,000

d)    Aggregated information:                      Total                Volume(s)

                                                   GBP9,553.10          114,280

e)    Date of the transaction:                     i)   20 September 2018
      ii)  21 September 2018

f)    Place of the transaction:                    London Stock Exchange

Additional information disclosed in accordance with the JSE Listings Requirements:

a)     Nature of interest of executive:            Beneficial

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

c)     Clearance given in terms of paragraph 3.66  Yes
       of the JSE Listings Requirements:

d)     Holding following transactions:             668,675

e)     Deemed value:                               GBP9,553.10


Johannesburg
25 September 2018

Contact information

Corporate Office                                   Registered Office
The Firs Office Building                           Suite 31
1st Floor, Office 101                              Second Floor
Cnr. Cradock and Biermann Avenues                  107 Cheapside
Rosebank, Johannesburg                             London
South Africa                                       EC2V 6DN
Office: + 27 (0) 11 243 2900                       United Kingdom
Facsimile: + 27 (0) 11 880 1240                    Office: + 44 (0) 207 796 8644
                                                   Facsimile: + 44 (0) 207 796 8645

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                                        John Prior / Paul Gillam
St James's Corporate Services Limited            Numis Securities Limited
Company Secretary                                  Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                      Office: +44 (0) 20 7260 1000

Sholto Simpson                                     Ross Allister/ James Bavister / David
One Capital                                        McKeown
JSE Sponsor                                        Peel Hunt LLP
Office: + 27 (0) 11 550 5009                       Joint Broker
                                                   Office: +44 (0) 207 418 8900

Julian Gwillim                                     Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                     BMO Capital Markets Limited
Public & Investor Relations SA                     Joint Broker
Office: +27 (0)11 880 0037                         Office: +44 (0) 207 236 1010

Bobby Morse and Chris Judd                         Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]

Date: 25/09/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Provisional audited results for the year ended 30 June 2018

2018/09/19 08:07:00
Provisional audited results for the year ended 30 June 2018

Pan African Resources PLC
(Incorporated and registered in England and Wales, registration number 3937466) 
Share code on AIM : PAF
Share code on JSE : PAN
ISIN : GB0004300496
("Pan African Resources" or the "company" or the "group") 

Provisional audited results for the year ended 30 June 2018

Pan African Resources CEO Cobus Loots commented:

"Pan African Resources acted decisively during the year under review to reconfigure its operations for sustainable 
profitability. Our cost base is now significantly lower, and efficiencies and stability improved due to the 
restructuring we effected during the year.  We are confident the group is now positioned as a lower-cost, long-life 
gold miner, consistent with stakeholder expectations and our key strategic objectives. All our producing assets are 
today generating positive cash flows through the production of low-cost gold ounces.

A key highlight of the year was the excellent progress made towards the completion of the Elikhulu tailings retreatment 
plant. The project poured its first gold on 16 August 2018, ahead of schedule and within the projected budget. It is 
expected to be a flagship operation within our low-cost, long-life asset base.

In terms of our existing operations, the regrind mill at the Barberton tailings retreatment plant was completed, which 
alleviated past processing challenges. Barberton Mines' sub-vertical shaft project at Fairview, together with our 
current programme of accelerated underground development, will facilitate improved access to the high-grade Fairview 
11-block Main Reef Complex orebody in the future.

I am pleased to report an excellent improvement in group-wide on-mine safety and congratulate Barberton Mines on 
achieving its one-million fatality- free shifts milestone during June 2018. Barberton Mines has also made good progress 
in its stakeholder engagement efforts in order to minimise operational stoppages, and these initiatives will continue 
across the group.

Our existing portfolio presents attractive opportunities to further the group's profitable production growth. The Royal 
Sheba Project at Barberton Mines offers the potential to access low-cost near surface ounces and significantly boost 
Barberton Mines' production in the short to medium term.

The Egoli Project at Evander Mines also remains an attractive opportunity as a standalone project, following the 
difficult but necessary decision to cease large-scale underground mining activities at 8 Shaft.

Given all the difficulties we experienced in the past year, our board elected not to recommend a final dividend for the 
2018 financial year. Even though this decision was expected by most shareholders, it remains disappointing, given our 
group's excellent track record of sector-leading dividends. Our board is confident that at prevailing ZAR gold prices, 
and as a result of the remedial measures implemented, Pan African Resources will be able to resume its attractive 
dividends in the near future.

Pan African Resources has started the 2019 financial year well, and we are on track to achieving our production 
guidance of approximately 170,000oz for the 2019 financial year. We will continue to focus on improving and expanding 
our portfolio, on a sustainable and value-accretive basis, to the benefit of all stakeholders."

Key features reported in South African Rand ("ZAR" or "R") and Pound Sterling ("GBP") 

Strategic repositioning of the group
- During the year ended 30 June 2018 ("current reporting period"), the group restructured operations to ensure the 
long-term sustainability and profitability of its business.
- Large-scale underground mining at Evander Mines' underground operations, which includes 8 Shaft, 7 Shaft and the 
run-of-mine circuit in the Kinross metallurgical plant, was discontinued on 31 May 2018. As a result, 1,635 employees 
were retrenched at a cost of R161 million. Evander Mines' underground operations was a high-cost gold producer, 
producing at an all-in cost of R963,882/kg or USD2,331/oz (2017: R959,976/kg or USD2,197/oz).
- With the final commissioning of Elikhulu concluded during September 2018, the group has established a material, safe, 
low-cost and long-life tailings reprocessing business, comprising the following operations:
-- Barberton tailings retreatment plant ("BTRP"): Processing capacity of 100,000tpm @ ~1.4g/t
-- Elikhulu: Processing capacity of 1,000,000tpm @ ~0.3g/t
-- Evander tailings retreatment plant ("ETRP"): Processing capacity of 200,000tpm @ ~0.3g/t
- Barberton Mines' underground operations are forecast to produce approximately 80,000oz during the 2019 financial
year, an improvement of 9.4% from 73,125oz in the 2018 financial year. At Barberton Mines, the underground development 
rates will be increased by approximately 60% and together with the new sub-vertical shaft, which is under construction 
this will facilitate improved access to additional high-grade Fairview 11-block mining platforms. These initiatives will 
assist in maintaining and increasing future gold production from this long-life asset.
- Recent exploration drilling at Barberton Mines' Royal Sheba Project has increased resources by 150% from 0.36Moz 
(2.60Mt at 4.32g/t) to 0.9Moz (8.56Mt at 3.27g/t). The group expects to finalise a definitive feasibility study for 
Royal Sheba by February 2019. The project has the potential to significantly increase gold production from Barberton Mines 
in the next years.
- The group is now repositioned as a low-cost producer and is well placed for an improved performance in the next 
financial year. The repositioning has reduced the unit cost of production and increased group profitability, with the 
majority of its production ounces coming from low-cost and safe tailings retreatment operations.

Operational key features
- The group's gold production for the current reporting period reduced to 160,444oz (2017: 173,285oz), primarily 
because of the cessation of mining at Evander Mines' underground operations on 31 May 2018.
- The Elikhulu Project, which achieved its inaugural gold pour on 16 August 2018, was fully commissioned during 
September 2018, ahead of schedule. The project is still forecast to be completed within its original budget.
- Improved overall safety performances from Barberton Mines and Evander Mines.
- Barberton Mines' Royal Sheba Project presents an opportunity to expand Barberton Mines' production profile the short 
to medium term.  The drilling campaign conducted during the year increased the Royal Sheba gold resource by 150%, 
0.36Moz to 0.9Moz.
- The feasibility study for Evander Mines' Egoli Project (previously referred to as the 2010 Pay Channel Project) has
been updated to cater for the cessation of mining at Evander Mines' underground operations and the construction of a 
new run-of-mine metallurgical plant circuit. The project remains attractive and has a revised pre-taxation internal 
rate of return of 34%, and a pre-taxation net present value of R1.04 billion.
- Reduced production from Barberton Mines of 90,629oz (2017: 98,508oz) due to:
-- lower head grades and processing difficulties at the BTRP, after encountering coarser fraction tailings, which 
produced 9,241oz less compared to the prior reporting period. The BTRP completed the installation of a regrind mill in 
May 2018, which has effectively dealt with these processing difficulties.
-- underground production for the current reporting period improved by 1,362oz, following the mining of higher grades 
from Fairview's high-grade 272 and 358 platforms; and
-- Barberton Mines experienced approximately 58 lost production days due to industrial action and community unrest.
- The group's detailed operational and financial summaries, per entity, are disclosed on the Pan African Resources 
website at http://www.panafricanresources.com/investors/financial-reports/.

Financial key features
- The profit after taxation from the group's continuing operations was R202.0 million (2017: R700.6 million). In GBP 
terms, the profit after taxation from the group's continuing operations was GBP11.5 million (2017: GBP40.6 million).
- The group incurred a once-off impairment charge of R1.78 billion (GBP106.3 million) associated with the cessation of 
Evander Mines' underground operations and the resultant retrenchment costs of R161 million (GBP9.3 million).
- As a result of the impairment charge and retrenchment costs the group's continued and discontinued operations 
("combined operations") profit after taxation of R309.9 million (GBP17.9 million) in the prior reporting period reduced
 to a loss after taxation of R1.56 billion (GBP93.3 million) in the current reporting period.
- Continuing operations' earnings per share ("EPS") decreased to 11.16 cents per share (2017: 44.78 cents per share), 
while in GBP terms, continuing operations EPS decreased to a 0.63 pence per share (2017: 2.60 pence per share).
- The combined operations' EPS decreased to a loss of (86.03) cents per share (2017: 19.81 cents earnings per share), 
while in GBP terms, the combined operations' EPS decreased to a loss of (5.15) pence per share (2017: 1.14 pence 
earnings per share).
- Continuing operations' headline earnings per share ("HEPS") decreased to 18.71 cents per share (2017: 38.72 cents per 
share). In GBP terms, continuing operations' HEPS decreased to 1.08 pence per share (2017: 2.24 pence per share). Refer 
to note 3.
- The combined operations' HEPS decreased to 12.66 cents per share (2017: 20.17 cents per share). In GBP terms, HEPS 
decreased to 0.73 pence per share (2017: 1.17 pence per share). Refer to note 3.
- Revenue from continuing operations decreased to R1,873.9 million (2017: R2,158.2 million) and, in GBP terms, group 
revenue decreased to GBP108.5 million (2017: GBP125.1 million) as a result of a decrease in the average ZAR gold price 
received and gold ounces sold.
- The group's earnings before interest taxation, depreciation and amortisation ("adjusted EBITDA") decreased to 
R416.0 million (2017: R816.0 million), while in GBP terms it decreased to GBP24.2 million (2017: GBP47.3 million). 
Refer to note 3.
- The average ZAR gold price received decreased to R538,100/kg (2017: R542,773/kg) and, in USD terms, it increased to 
USD1,301/oz (2017: USD1,242/oz).
- The all-in sustaining cost per kilogramme of Barberton Mines' underground mining operation was well controlled and 
only increased in ZAR terms to R507,130/kg (2017: R501,330/kg), and in USD terms the all-in sustaining cost per 
ounce increased to USD1,227/oz (2017: USD1,147/oz).
- The all-in sustaining cost per kilogramme of the group's continuing tailings operations increased in ZAR terms to 
R297,661/kg (2017: R208,590/kg) and in USD terms, the all-in sustaining cost per ounce increased to USD720/oz 
(2017: USD477/oz).
- Due to the group's lower gold production, the group's all-in sustaining cost per kilogramme increased in ZAR terms to 
R561,468/kg (2017: R514,435/kg) and in USD terms, the all-in sustaining cost per ounce increased to USD1,358/oz 
(2017: USD1,177/oz). Refer to note 3.
- The group paid a final dividend of R185 million or GBP10.0 million (2016: R300 million or GBP17.1 million) on 
21 December 2017, relating to the 2017 financial year. This dividend equated to R0.08279 per share or 0.44561 pence 
per share (2016: R0.1544 per share or 0.87668 pence per share).
- The sale of Phoenix Platinum Mining Proprietary Limited ("Phoenix") to Sylvania Platinum Limited for R89 million or 
GBP4.8 million was concluded on 7 November 2017.
- Net debt increased to R1,623.6 million or GBP89.8 million (2017: R67.6 million or GBP4 million) as the group's 
facilities were drawn to fund the Elikhulu Project's capital expenditure and Evander Mines' retrenchment costs. 
Refer to note 3.

   For the      For the         For the     For the
year ended   year ended                                                                       year ended  year ended
   30 June      30 June                                                                          30 June     30 June
      2018         2017  Metric         Salient features                      Metric                2017        2018
     4,990        5,390  (Kilogrammes)  Combined operations gold sold         (Oz)               173,285     160,444
   1,873.9      2,158.2  (R millions)   Revenue - Continuing operations       (GBP millions)       125.1       108.5
   538,100      542,773  (R/kg)         Average gold price received           (USD/oz)             1,242       1,301
   480,439      430,863  (R/kg)         Cash costs (Note 3)         (USD/oz)               986       1,162
   561,468      514,435  (R/kg)         All-in sustaining costs (Note 1)      (USD/oz)             1,177       1,358
   614,713      540,693  (R/kg)         All-in costs (Note 3)                 (USD/oz)             1,237       1,487
     416.0        816.0  (R millions)   Adjusted EBITDA (Note 2)              (GBP millions)        47.3        24.2 
  (1,556.9)       309.9  (R millions)   Attributable earnings                 (GBP millions)        17.9       (93.3)
                                        (Combined operations)           
     202.0        700.6  (R millions)   Attributable earnings                 (GBP millions)        40.6        11.5
                                        (Continuing operations)         
     229.1        315.6  (R millions)   Headline earnings                     (GBP millions)        18.3        13.3
                                        (Combined operations) (Note 3)             
    (86.03)       19.81  (cents)        EPS (Combined operations)             (pence)               1.14       (5.15)
     12.66        20.17  (cents)        HEPS (Combined operations) (Note 3)   (pence)               1.17        0.73
   1,623.6         67.6  (R millions)   Net debt (Note 3)                     (GBP millions)         4.0        89.8
     289.4        330.0  (R millions)   Total sustaining capital expenditure  (GBP millions)        19.1        16.8
   1,650.2        613.1  (R millions)   Total capital expenditure             (GBP millions)        35.5        95.6
     104.6        201.3  (cents)        Net asset value per share             (pence)               12.0         5.8
   1,809.7      1,564.3  (millions)     Weighted average number of            (millions)         1,564.3     1,809.7
                                        shares in issue           
     12.86        13.59  (R/USD)        Average exchange rate                 (R/GBP)               17.25      17.27
     13.71    13.04  (R/USD)        Closing exchange rate                 (R/GBP)               16.96      18.09

Note 1: The all-in sustaining cost per kilogram and all-in cost per kilogram excludes the Elikhulu capital expenditure 
as well as derivative fair value mark-to-market gains/expenses and relates directly to the current gold mining 
operations. Refer to the alternative performance measure ("APM") summary report for the period ended 30 June 2018.

Note 2: Adjusted EBITDA is represented by earnings before interest, taxation, depreciation and amortisation, 
profit/(loss) on asset held for sale, profit/(loss) on disposal of investments and (loss)/profit from discontinued 
operations. Refer to the APM summary report for the year ended 30 June 2018.

Note 3: Refer to the APM summary report for the period ended 30 June 2018.

CEO statement
During the year under review, the group faced unprecedented challenges, which included falling ZAR gold prices, 
volatile exchange rates, operational challenges at both our Barberton and Evander operations and a capricious 
political, labour and community relations climate in South Africa. We are however pleased to report that these issues 
have been decisively dealt with and the business repositioned to deliver sustainable value creation into the future.

Following the implementation of several initiatives, Pan African Resources' assets have been repositioned to be cash 
flow generative through the production of low-cost gold ounces. This includes our most recent organic growth project, 
Elikhulu, was fully commissioned during September 2018, ahead of time and within its project budget. Though our gold 
production for the 2018 financial year was lower than in previous years, the restructuring has significantly decreased 
our cost base and improved efficiencies and stability across all our operations.

The cessation of Evander Mines' underground operations and remedial actions at our other operations was the focus of 
the board and management's attention during the year. With this exercise now largely completed, the leadership can 
focus on growing the group's profitable ounce production profile in the future.

When a management team is confronted with circumstances that demand imminent action, it is imperative to be circumspect 
in analysing the situation and then taking decisive and expeditious remedial action. A summary of the principal 
challenges dealt with and opportunities realised by the group in the past financial year include:

Segment       Challenge/Opportunity             Management action                           Status
Evander       Curtailment of the cash burn      The curtailment of large-scale              The retrenchment 
Mines'        at Evander Mines' underground     underground mining operations at            process was 
underground   operations, particularly given    Evander Mines, and resultant retrenchment   successfully concluded
operations    the depressed ZAR gold price      of 1,635 of our employees, was difficult    on 31 May 2018. 
              environment.                      and regrettable, however our group had no   The requirements of 
           viable alternative.                         S189 of South African
                                                                                            Labour Relations Act,
                                                                                            66 of 1995, 
                                                                                            were complied with.
 
              Opportunity to mine the           The management team is currently            The outcome of the 
              8 Shaft pillar and perform        reviewing and assessing options to          assessment to mine the
              reclamation work.                 access and mine Evander Mines'              Evander Mines' 8 Shaft
                                                8 Shaft pillar.                             pillar will be communicated 
                                                                                            in the near future.

Elikhulu      Construction of the Elikhulu      Construction commenced in August 2017,      Elikhulu's inaugural gold
              plant - ensuring the plant is     with detailed planning and co-              pour was on 16 August 2018,
              completed on schedule and         ordination to minimise potential delays     within one year of
              within budget.                    and cost overruns.                          inception of the 
                                                                                            construction. 
                                            The plant was fully 
                                                                                            commissioned during 
                                                                                            September 2018. 
                                                                                            Construction work on the
                                                                                            enlarged Kinross tailings
                                                                                            facility continues.
 
BTRP          Unexpected coarse fraction         Installation of a regrind mill             The regrind mill was
              material encountered, resulting    to assist with material handling           successfully commissioned
              in reduced plant throughput        and improved recoveries from the           in May 2018, and the
              and gold recoveries from           Harper dump coarse fraction material.      BTRP is again performing  
              the BTRP.                          Process of design and construction was     in line with expectations.
                                                 fast tracked and completed in less than 
                                                 six months.

Fairview     Limited mining flexibility          Development of two high-grade mining       The 358 and 272 high-grade
underground  within the Fairview                 platforms in the MRC orebody to            mining platforms are
operations   Main Reef Complex                   improve mining flexibility. This           currently in production with
             ("MRC") orebody.                    development was completed during           a commensurate increase in
                                                 January 2018.                              Barberton Mines' head grade
                                                      in the second half of the
                                                 Barberton Mines has increased its          2018 financial year. These
                                                 ongoing development rates in the           platforms will be available 
                                                 2019 financial year with the objective     for the next two to three 
                                                 of establishing a third high grade         years, allowing sufficient 
                                                 platform in the Fairview 11-block by       time for development into 
                                                 the end of June 2019.                      new mining areas.

             Fairview mining operation is        The Fairview sub-vertical shaft project    The R105 million project
             restricted by the hoisting          will improve ore handling efficiencies     is scheduled for completion
             capacity of its No 3 Decline,       and significantly reduce the time taken    over the next two to three
             which is also used by employees     by employees to access high-grade          years.
             to access workings below            mining platforms. The sub-vertical
             42 Level and the high-grade         shaft project is estimated to improve
             11-block of the MRC.                production by approximately 7,000oz-
                                                 10,000oz per annum.

Further      Barberton Mines' Royal Sheba        Engaged in a surface drilling campaign     The drilling campaign has
organic      Project presents an opportunity     and appointed DRA Global to complete a     been completed with
growth       to expand Barberton Mines'          feasilibity to mine the Royal Sheba        excellent results confirming
             production profile and access       orebody as an open-cast mining operation   the extension of the
             low-cost near-surface minable       and then in future an underground mining   orebody to surface. We have
             ounces over the short to medium     operation.                                 updated the market on the
             term. We did not previously                                                    prospectivity of Royal
             identify the near-surface                                                      Sheba and are now 
             opportunity at Royal Sheba and                                                 considering alternatives to
             are exploring similar targets                                                  expidite 'first-gold'and 
             within our mining right area.                             a large steady-state
                                                                                            operation.

Labour       Barberton Mines' wage agreements    Engaged with representative unions         Concluded a three-year
relations    expired at the end of the           in order to agree a multi-year agreement   wage agreement with
             current reporting period.           to the benefit of all stakeholders.        Barberton Mines'
                                                                                            representative unions.

Clearly, the challenges we faced during the period, which were well communicated to the market, have significantly 
reduced our profitability for the 2018 financial year.

During the current reporting period, our team decisively dealt with the issues threatening the future sustainability of 
the group. The group is now well positioned to deliver into a much-improved performance during the 2019 financial year.

Group safety
In terms of safety performances, significant progress was made over the past year, with on-mine safety improvement 
campaigns contributing to these results. Further, Barberton Mines achieved its one-million fatality-free shift 
milestone during June 2018. To ensure continued safety improvements, the group will continue to engage independent 
safety experts to review each of the mining operations' safety systems and controls. The group experienced no 
fatalities in the 2018 financial year (2017: three employees fatally injured). The group's lost-time injury frequency 
rate remained stable at 3.73 (2017: 3.51), while the reportable injury frequency rate improved materially to 1.08 
(2017: 1.53).

Evander Mines and ETRP
The decision to cease underground operations at 8 Shaft was difficult, given South Africa's prevailing socio-economic 
environment, and the impact on the retrenched miners and their families. Retrenched employees were offered re-skilling 
opportunities, which is continuing, and we have retrained and re-employed a number of these employees into the 
Elikhulu Project. Environmental rehabilitation of the mine will provide further employment opportunities.

Evander Mines' underground operations produced 48,565oz (2017: 45,304oz) of gold during the reporting period.

Gold production at ETRP reduced to 21,250oz (2017: 29,473oz). In the prior reporting period the ETRP treated 
incrementally more surface feedstock due to the additional milling capacity that became available because of the 
7 Shaft infrastructure repairs, and the reduced production from the underground mining operation. The ETRP's all-in 
sustaining cost was R306,120/kg (2017: R242,260/kg) or USD740/oz (2017: USD554/oz).

Barberton Mines and BTRP
Barberton Mines' gold production reduced by 7,879oz to 90,629oz (2017: 98,508oz), predominantly due to the following:
- BTRP gold production reduced to 17,504oz (2017: 26,745oz) due to the re-mining operation moving to the lower-grade 
Harper dump following depletion of the Bramber dump, and the head grade reducing from 2.3g/t to 1.4g/t. The Harper 
dump material has a larger coarse fraction, which resulted in processing problems and a reduction in plant 
recoveries to approximately 30% on the feedstock. Barberton Mines' underground mining production increased to 
73,125oz (2017: 71,763oz). The underground tonnes milled decreased to 237,831t (2017: 246,915t), while the head grade 
improved to 10.3g/t (2017: 9.8g/t).
- Gold production was adversely impacted by operational disruptions from pressure groups, community unrest and 
unprotected strike action at the mine, which resulted in 58 lost production days. Barberton Mines has significantly 
increased its community engagement efforts during the current reporting period, and operational disruptions have 
decreased as a result of these efforts.

Mineral reserves and resources
The group's mineral resources and reserves, compliant with the South African Code for Reporting of Mineral Resources 
and Mineral Reserves, 2016, are summarised as follows:
- Gold reserves of 11.2Moz (239.9Mt at 1.46g/t) (2017: 11.2Moz)
- Gold resources of 33.3Moz (331.2Mt at 3.13g/t) (2017: 34.4Moz)

In determining the group's reserves and resources, gold reserves were modelled at R525,000/kg and gold resources at 
R600,000/kg. The competent person for Pan African Resources, Hendrik Pretorius, the group's Project Geologist, has 
reviewed and approved the information contained in this announcement as it pertains to the mineral resources and 
reserves. Mr Pretorius holds a BSc (Hons) in the field of geology and a Graduate Diploma in Mining Engineering 
focussing on mineral resource management. He has more than 15 years' relevant experience, is registered with the South 
African Council for Natural Scientific Professionals (400051/11) and is a member in good standing with the Geological 
Society of South Africa.

Near- to medium-term growth projects

Elikhulu Project
Elikhulu, which is expected to produce some of the lowest-cost ounces in the South African gold mining industry, is 
critical to Evander Mines' return to profitability and delivering into the group's strategic repositioning. Tailings, 
which were deposited over the past 70 years of mining activity, will be re-mined in line with industry best practices 
and consolidated into a single facility, which will mitigate environmental risks and make substantial surface areas 
available for other land uses, including housing and/or agriculture.

From December 2018, Elikhulu's processing capacity will increase to 1.2-million tonnes per annum by incorporating the 
existing ETRP throughput, in order to benefit from the new plant's improved efficiencies and economies of scale.

Elikhulu was constructed ahead of schedule, and was fully commissioned during September 2018. By 30 June 2018, capital 
expenditure of R1,256.1 million (2017: R175.5 million) had been incurred on the project. Construction on the enlarged 
Kinross tailings facility is continuing.

Barberton Mines' Royal Sheba Project
Barberton Mines' Royal Sheba Project is an opportunity to expand the operation's production profile and access low-cost 
near-surface minable ounces over the short to medium term. Shareholders are referred to the announcement on 6 September 
2018, detailing the exploration results from the Royal Sheba orebody.

Evander Mines' Egoli Project - Reassessed mining feasibility study
The Egoli Project is adjacent to the 7 Shaft infrastructure and extends from the boundary of Taung Gold International 
Limited's 6 Shaft mining right.

Shareholders were informed on 1 February 2018 of the updated resource statement of the Egoli Project and subsequently 
on 28 March 2018 that the group would reassess the mining feasibility study, conducted by DRA Global, into the 
viability of the Egoli Project as a standalone project following the cessation of mining at Evander Mines' 
underground operations. The project remains attractive, with more than one-million ounces of contained gold in 
measured and indicated categories.

The results of an optimisation study based on the DRA Global feasibility study are:
- The mining operation is planned to ensure waste and reef are hoisted separately.
- The life-of-mine is expected to be 11 years.
- Average recoverable gold of approximately 23,500 ounces per annum during the initial four-year development phase, 
and an average of approximately 79,000 ounces per annum for the remaining seven years thereafter is forecast.
- A new metallurgical plant would be constructed, and the existing Evander Mines' 7 Shaft infrastructure would be 
used for hoisting.
- Peak funding requirement is forecast at approximately R870 million.
- An internal rate of return (real, pre-taxation) of 34%, with a payback period of two years following the initial 
four-year development period is forecast. This projection is based on an assumed gold price of R547,000/kg.
- Project, pre-taxation, net present value is R1.04 billion at a 12.4% real discount rate.
- An incremental all-in sustaining cost per kilogramme of approximately R300,000/kg, or USD650/oz, on average, 
over the life-of-mine.
- An average gold recovery rate of 95% and a mine call factor of 85%.
- The total resources remain at 9.4Mt @ 9.75g/t equating to 2.95Moz.

Barberton Mines' sub-vertical shaft project at Fairview
Shareholders were previously advised that the Fairview mining operation is restricted by the hoisting capacity of its 
No 3 Decline, which is used to access workings below 42 Level and the high-grade 11-block of the MRC. During the period 
under review, Fairview commenced the development required in preparation for the construction of the new sub-vertical 
shaft. The project cost is forecast at approximately R105 million over two to three years. Following the commissioning 
of this shaft, it is expected that productivity improvements will yield an additional 7,000oz - 10,000oz of gold per 
annum due to the increased hoisting capacity.

Wage agreements
As announced on 7 September 2018, Barberton Mines successfully concluded a three-year wage agreement with the National 
Union of Mineworkers ("NUM") and the United Association of South Africa ("UASA") ("the agreement"). NUM and UASA 
represent the majority of employees at Barberton Mines. The Agreement provides for an average annual wage increase of 
approximately 6.5% and 5.5% for NUM and UASA members, respectively, over the three years. The negotiations were 
successfully concluded with no industrial action or work stoppages. The agreement should assist in providing certainty 
and sustainability to all stakeholders in the coming years.

Outlook
Key focus areas for the 2019 financial year include:
- continuing to improve our safety performance, and environmental, social and governance compliance across operations;
- delivering into the gold production guidance of approximately 170,000oz;
- ensuring Elikhulu delivers to expectation and incorporating ETRP's throughput into Elikhulu's processing capacity;
- increase the statement of financial position flexibility and capacity;
- focus on growth opportunities such as:
-- The Royal Sheba Project
-- Evander Mines' 8 Shaft pillar project
-- Evander Mines' Egoli Project
-- Barberton Mines' sub-vertical shaft
- Re-initiate dividend payments

The group continues to evaluate acquisitive opportunities, particularly within other African jurisdictions, in 
accordance with its rigorous capital allocation criteria.

I would like to thank my fellow board members for their guidance, support and insight during the past financial year. 
Further, a sincere thanks to the executive management team and all employees, who continued to show commitment and 
dedication during this challenging period.

Finally, to our stakeholders, thank you for your ongoing support of Pan African Resources. While times may be marked by 
turbulence and volatility, we believe the group, with its current strategic direction, is well positioned to maximise 
value for our shareholders and our other stakeholders in the year ahead and well into the future.

Financial performance

Exchange rates and their impact on results
All of the group's subsidiaries are incorporated in South Africa and their functional currency is ZAR. The group's 
business is conducted in ZAR and the accounting records are maintained in this same currency, with the exception of 
precious metal product sales, which are transacted in USD prior to conversion into ZAR. The ongoing review of the 
operational results by executive management and the board is also performed in ZAR.

The group's presentation currency is GBP due to its ultimate holding company, Pan African Resources, being incorporated 
in England and Wales and being dual-listed in the United Kingdom ("UK") and South Africa.

During the current reporting period the average ZAR:GBP exchange rate was R17.27:1 (2017: R17.25:1) and the closing 
ZAR:GBP exchange rate was R18.09:1 (2017: R16.96:1). The year-on-year change in the average and closing exchange rates 
of 0.1% and 6.7%, respectively, must be taken into account for the purposes of translating and comparing year-on-year 
results, and in the event of material transactions, the exchange rate on the date of the material transaction is used 
to translate earnings from ZAR to GBP.

The group records its revenue from precious metals sales in ZAR and the strength in the value of the ZAR:USD exchange 
rate during the current reporting period had a negative impact on the USD revenue received when translated into ZAR. 
The average ZAR:USD exchange rate was 5.4% stronger at R12.86:1 (2017: R13.59:1).

The commentary below analyses the current and prior reporting period's results. Key aspects of the group's ZAR results 
appear in the body of this commentary and have been used as the basis against which its financial performance is 
measured. The gross GBP equivalent figures can be calculated by applying the exchange rates as detailed above.

Analysing the group's financial performance for continuing operations

1) Revenue
Gold sales from continuing operations declined year-on-year by 13.2% to R1,873.9 million (2017: R2,158.2 million) 
mainly impacted by:
- The average ZAR gold price received decreasing by 0.9% to R538,100/kg (2017: R542,773/kg).
- Gold ounces sold from continuing operations decreasing by 12.6% to 111,879oz (2017: 127,981oz).

Revenue from Evander Mines' underground operations of R811.4 million (2017: R767.2 million) has been disclosed in 
discontinued operations following the cessation of mining at this operation.

2) Cost of production
Cost of production (including realisation costs) for continuing operations increased by 4.4% to R1,376.7 million 
(2017: R1,318.9 million).

The main cost contributors that impacted the year-on-year increase during the current reporting period are 
summarised as follows:
- Salaries and wages (represents 38.9% of the gold cost of production) increased by 7.6% to R535.1 million 
(2017: R497.1 million). Salaries and wage rates increased in line with the gold labour agreements signed at the 
respective operations.
- Electricity costs (represents 9.6% of the gold cost of production) increased by 8.3% to R132.5 million 
(2017: R122.3 million). The increase is higher than the National Energy Regulator of South Africa's approved
average national increase of 5.2% from 1 April 2018, because of higher electricity consumption associated with
the surface re-mining operation and Barberton Mines' new refrigeration plant installed at Fairview during July 2017.
- Mining and processing costs (represents 33.7% of gold cost of production) decreased by 6.7% to R463.3 million 
(2017: R496.3 million). The decrease was due to less surface sources being processed at Evander Mines in the 
current reporting period.
- Engineering and technical costs (represents 6.7% of gold cost of production) increased by 13.0% to R92.7 million 
(2017: R82.0 million).

Cash cost per kilogramme from continuing operations increased by 19.6% to R387,194/kg (2017: R323,692/kg). The increase 
was predominantly due to the group's gold sold decreasing by 12.6% to 111,879oz (2017: 127,981oz) and the cost of 
production increasing by 4.4%.

3) Realisations costs
The group's realisation costs increased to R34.6 million (2017: R17.5 million). The realisation costs relate 
predominantly to refining charges, paid to Gauteng Refinery for gold extracted and recovered from the Kinross plant 
civil infrastructure.

4) Depreciation costs
Depreciation from continuing operations decreased by 10.3% to R85.1 million (2017: R94.9 million). The depreciation 
charge is based on the available units of production over the life of the operations and the depreciation charge 
reduced commensurate with the decrease in production.

5) Other expenditure and income
Other expenses increased to R74.0 million (2017: R4.1 million). The increase in other expenses is due to the group 
realising a pre-tax gain of R94.7 million in the prior reporting period on the mark-to-market fair value adjustment of 
a derivative instrument entered into to mitigate gold price risk.

6) Finance income and costs
Finance income increased to R25.7 million (2017: R4.4 million), following an increase in interest earned on the group's 
rehabilitation funds.  Finance costs increased to R54.3 million (2017: R48.4 million), due to an increase in group 
debt during the current reporting period.

7) Taxation
The taxation charge of the group's continuing operations decreased to a credit of R36.3 million (2017: R72.5 million) 
due to:
- An increase in the deferred tax credit of R63.6 million (2017: R7.9 million) because of the reduction in the 
long-term taxation rate to 19.2% from 23.1% for the Evander Mines' surface operations.
- Decrease in the current taxation charge to R27.3 million (2017: R80.4 million).

Discontinued operations
In the current reporting period the group's discontinued operations comprised of:
- Phoenix; and
- Evander Mines' underground operations

In the prior reporting period the group's discontinued operations comprised of:
- Phoenix; and
- Uitkomst Colliery Proprietary Limited ("Uitkomst").

Phoenix, under discontinued operations, recorded a loss of R6.9 million in the current reporting period, for the period 
1 July 2017 - 6 November 2017. This loss comprised of R2 million in operational losses and a R4.9 million loss on 
asset held for sale.

Due to the cessation of mining at Evander Mines' underground operations, the financial results from this operation has 
been classified as a discontinued operation in the current reporting period.

Losses from discontinued operations have increased to R1.76 billion (2017: R390.7 million), which includes an 
impairment charge of R1.78 billion and retrenchment costs of R161 million, for the Evander Mines' underground 
operations.

EPS and HEPS
The combined operations EPS in ZAR decreased to a loss of (86.03) cents per share (2017: 19.81 cents per share). The 
combined operations HEPS in ZAR decreased to 12.66 cents per share (2017: 20.17 cents per share).

The EPS and HEPS are calculated by applying the group's weighted average number of shares in issue to the attributable 
and headline earnings. The weighted average number of shares in issue increased by 15.7% to 1,809.7-million shares 
(2017: 1,564.3-million shares). The increase in shares was attributed to the additional 291.5-million shares issued in 
the equity raise concluded on 12 April 2017 for the equity tranche of the Elikhulu Project, and the disposal of 
130-million shares held by PAR Gold Proprietary Limited ("PAR Gold") on 30 May 2018.

Refer to the reconciliation of the earnings and headline earnings in the APM summary report for the period ended 
30 June 2018.

Net debt
Total debt facilities utilised at 30 June 2018 increased to R1,636.6 million (2017: R227.8 million) and cash 
holdings declined to R12.6 million (2017: R160.2 million), resulting in an increase in net debt to R1,623.6 billion 
(2017: R67.6 million). The increase in net debt was predominantly due to the R1.26 billion capital expenditure incurred 
on the Elikhulu Project, operational losses from Evander Mines' underground operations and retrenchment costs of 
R161 million. Refer to the APM summary report for the period ended 30 June 2018.

Summary of the long-term debt liabilities:
                     Revolving credit            Evander Mines            Elikhulu term 
                         facility                  gold loan               facility                   Total
                   30 June      30 June      30 June      30 June      30 June      30 June      30 June      30 June
                      2018         2017         2018         2017         2018         2017         2018         2017
                       ZAR          ZAR          ZAR          ZAR          ZAR          ZAR          ZAR          ZAR
                  (million)    (million)    (million)    (million)    (million)    (million)    (million)    (million)
Non-current
portion              778.0        180.5            -            -        770.0            -      1,548.0        180.5
Current 
portion               88.2         20.7            -         26.6            -            -         88.2         47.3
Total                866.2        201.2            -         26.6        770.0            -      1,636.2        227.8

The group's compliance to the revolving credit facility debt covenants are summarised below:

Covenant                                        Measurement                          30 June 2018        30 June 2017
Net-debt-to-equity ratio                        Must be less than 1:1                        0.78                0.02
Net-debt-to-adjusted EBITDA ratio (note 1)      Must be less than 2.5:1                      3.73                0.08
Interest cover ratio (note 2)                   Must be greater than 4 times                 4.61               19.32
Debt service cover ratio                        Must be greater than 1.3 times               3.84                9.11

Note 1: The net debt to EBTIDA covenant is only measurable on 31 December 2019 to cater for the construction of 
Elikhulu and commensurate increase in cash flows for measurement purposes.

Note 2: The interest cover ratio covenant was reduced to 2.3 times until December 2018, where after it will increase 
to 4 times. 

Capital expenditure 
Group capital expenditure for the current reporting period has been summarised per operation in the table below:

                                  Barberton Mines    Evander Mines         Elikhulu        Corporate            Total
                                      ZAR million      ZAR million      ZAR million      ZAR million      ZAR million
Development capital                          68.1             48.4                -                -            116.5
Maintenance capital                          42.9            127.8                -              2.2            172.9
Sustaining capital total                    111.0            176.2                -              2.2            289.4
Expansion capital                            99.4              5.3          1,256.1                -          1,360.8
Total capital expenditure                   210.4       181.5          1,256.1              2.2          1,650.2

Cash flow summary
Cash generated by operations (after dividends) decreased by R250.5 million to a deficit of R202.1 million 
(2017: R48.4 million), due to the lower gold production, Evander Mines' operational losses and retrenchment costs of 
R161 million. The 2017 financial year dividend payment (net of PAR Gold reciprocal dividends) of R148.9 million 
(2016: R232.6 million) was paid on 21 December 2017.

The cash outflows from investing activities increased to R1,545.4 million (2017: R491.0 million), largely due to:
- capital expenditure incurred of R1,601.4 million (2017: R612.7 million);
- contributions to the rehabilitation trust of R26.2 million (2017: nil);and
- proceeds from the sale of Phoenix of R89.0 million (2017: R142.1 million proceeds from the disposal of 
investments/subsidiaries  and property plant and equipment).

Net cash inflows from financing activities increased to R1,599.9 million (2017: R551.1 million), largely due to the 
utilisation of the group's debt facilities to fund operational and project capital expenditure, offset by proceeds on 
the disposal of PAR Gold treasury shares of R149.8 million (2017: nil).

Commitments reported in ZAR and GBP
The group identified no material contingent liabilities in the current or prior reporting period.

The group had contracted outstanding open orders at period end of R434.3 million (2017: R1.22 billion), or 
GBP24.0 million (2017: GBP72.0 million). Outstanding orders in the current reporting period related primarily to 
the Elikhulu Project.

Authorised commitments for the new financial year, not yet contracted for, totalled R254.5 million 
(2017: R328.7 million) or GBP14.1 million (2017: GBP19.4 million).

At 30 June 2018, the group had guarantees in place of R24.6 million (2017: R24.6 million) or GBP1.4 million 
(2017: GBP1.4 million) in favour of Eskom Holdings SOC Limited, and R14.0 million (2017: R14.0 million) or 
GBP0.8 million (2017: GBP0.8 million) in favour of the DMR.

Operating lease commitments, which fall due within the next financial year, amounted to R16.3 million 
(2017: R2.7 million) or GBP0.9 million (2017: GBP0.16 million).

Fair value instruments
Financial instruments measured at fair value are grouped into levels 1 to 3 based on the extent to which fair value 
is observable.

The levels are classified as follows:
Level 1: Fair value is based on quoted prices in active markets for identical financial assets or liabilities.
Level 2: Fair value is determined using inputs, other than quoted prices included within level 1, which are observable 
for the asset or liability. 
Level 3: Fair value is determined on inputs not based on observable market data.

Level 1 financial instruments:
Pan African Resources holds 13,064,381 shares in MC Mining Limited (previously known as Coal of Africa Limited). 
The investment was fair valued at R56.7 million or GBP3.1 million (2017: R127.6 million or GBP7.5 million), at the 
reporting date. The fair value of the listed investment is treated as Level 1 of the fair value hierarchy, as the share 
price is quoted on a stock exchange.

The group's rehabilitation funds are valued at R364.3 million (2017: R320.6 million) or GBP20.1 million 
(2017: GBP18.9 million), which comprise of predominantly equity-linked notes and interest-bearing call accounts.

Level 2 financial instruments:
During the current and prior reporting period, the group had exposure to financial derivatives comprising a 
cost-collar hedge. The mark-to-market value of this cost-collar asset at 30 June 2018 was R4.0 million or GBP0.2 million
(2017: nil)

The group's cash settled share option liability, which is valued on a mark-to-market basis according to the company's 
quoted share price, amounted to R9.6 million or GBP0.5 million (2017: R46.4 million or GBP2.7 million).

Level 3 financial instruments:
The group's employee share ownership plan ("ESOP") liability is accounted for on a cash settled share option basis 
and valued on a mark-to-market basis on the net present value of the discounted future cash flows applicable to the 
beneficiaries of the schemes. The ESOP liability was R10.3 million or GBP0.6 million (2017: R1.9 million or 
GBP0.11 million).

Dividends
Dividend paid and recommended
During the current reporting period the group paid a dividend of R185 million or GBP10.0 million (2016: R300 million or 
GBP17.1 million), on 21 December 2017, relating to the 2017 financial year. This dividend equated to R0.08279 per share 
or 0.44561 pence per share (2016: R0.15438 per share or 0.87668 pence per share). As result of the cessation of mining 
at Evander Mines' underground operations and the associated retrenchment costs, the board has not recommended a dividend 
for the current reporting period. With Pan African Resource's business being repositioned to secure sustainable 
low-cost, higher-margin production, the group's prospect of reintroducing dividends will improve in the next year.

The group received reciprocal PAR Gold dividends of R36.1 million (2016: R67.4 million), resulting in a net dividend 
paid of R148.9 million (2016: R232.6 million) to external shareholders.

Dividend policy
Pan African Resources aspires to pay a regular dividend to its shareholders. In balancing this cash return to 
shareholders with the group's strategy of generic and acquisitive growth, Pan African Resources believes a target 
pay-out ratio of 40% of net cash generated from operating activities - after allowing for the cash flow impact of 
sustaining capital, contractual debt repayments and the cash flow impact of once-off items - is appropriate. This 
measure aligns dividend distributions with the cash generation potential of the business. In proposing a dividend, the 
board will also take into account the company's financial position, future prospects, satisfactory solvency and 
liquidity assessments and other factors deemed relevant at the time. The board also allows itself flexibility to 
deviate from the above policy, when deemed appropriate.

Basis of preparation of the financial statements and accounting policies
The provisional audited results announcement has been prepared using accounting policies that comply with the 
International Financial Reporting Standards ("IFRS") adopted by the European Union and South Africa, which are 
consistent with those applied in the financial statements for the prior year ended 30 June 2017.

The provisional audited results announcement is only a summary of the information in the Integrated Annual Report and 
does not contain full or complete details. Any investment decision by investors and/or shareholders should be based on 
consideration of the final Integrated Annual Report, as a whole, to be published on the company's website in due 
course.

Alternative performance measure ("APM")
The provisional audited results announcement contains both statutory measures and alternative performance measures 
which, in management's view, reflect the underlying performance of the business and provide a more meaningful 
comparison of how the group's business is managed and measured on a day-to-day basis.

Alternative performance measures are non-GAAP (Generally Accepted Accounting Practice) measures and provide 
supplementary information to assist with the understanding of the group's financial results and with the evaluation 
of operating performance for all the periods presented. Alternative performance measures, however, are not a measure 
of financial performance under IFRS as adopted by the European Union and South Africa and should not be considered 
as a substitute for measures determined in accordance with IFRS. As the group's alternative performance measures 
are not defined terms under IFRS they may therefore not be comparable with similarly titled measures reported by 
other companies. 

Refer to the APM summary report for the period ended 30 June 2018. 

JSE Limited ("JSE") Listing
The company has a dual primary listing on the JSE in South Africa and the AIM market ("AIM") of the London Stock 
Exchange.

This provisional audited results announcement has been prepared in accordance with the framework concepts and the 
measurement and recognition requirements of IFRS and the SAICA Financial Reporting Guides as issued by the Accounting 
Practice Committee, and the Financial Pronouncements as issued by the Financial Reporting Standards Council and 
contains the minimum information as required by International Accounting Standard 34. The accounting policies are in 
terms of IFRS and are consistent with those applied in the 2017 consolidated financial statements.

The group's South African external auditors, Deloitte & Touche, have issued their opinion on the consolidated financial 
statements and the provisional summarised consolidated financial statements for the year ended 30 June 2018. The audits 
for both the summarised and full set of financial statements conducted in accordance with International Standards on 
Auditing. Deloitte & Touche have expressed unmodified opinions on the consolidated financial statements and the 
provisional summarised consolidated financial statements.  Copies of the audit reports are available for
inspection at the company's registered office.  Any reference to future financial performance included in this 
provisional audited results announcement has not been reviewed or reported on by the group's South African external 
auditors.

The auditor's report does not report on the APMs (excluding headline earnings and HEPS) contained in this announcement. 
Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's 
engagement they should obtain a copy of that report, together with the accompanying financial information, from the 
company's registered office.

These provisional summarised consolidated financial statements are extracted from the audited consolidated financial 
statements. The directors take full responsibility for the preparation of the provisional summarised audited results 
and confirm the financial information and related commentary has been correctly extracted from the underlying group 
consolidated financial statements.

AIM Listing
The financial information for the year ended 30 June 2018 does not constitute statutory accounts as defined in sections 
435(1) and 435(2) of the UK Companies Act 2006 ("Companies Act 2006") but has been derived from those accounts. 
Statutory accounts for the year ended 30 June 2017 have been delivered to the Registrar of Companies and those for 2018 
will be delivered following the company's annual general meeting. Deloitte LLP, the external auditor registered in the 
UK, has reported on these accounts for the year ended 30 June 2018.

Deloitte LLP's audit report for 30 June 2018 was unqualified, did not include a reference to any matters to which 
auditors draw attention by way of emphasis of matter, and did not contain a statement under section 498(2) or 498(3) of 
the Companies Act 2006. These statutory accounts have been prepared in accordance with IFRS and IFRS Interpretations 
Committee interpretations adopted for use by the European Union, with those parts of the Companies Act 2006 applicable 
to companies reporting under IFRS.

Directorship changes and dealings

Current reporting period
No directorship changes took place during the period under review. However, the following director dealings in 
securities took place:
Mr JAJ Loots participated in the following company shares transactions:
- On 22 February 2018, Mr JAJ Loots entered into a contract for difference derivative ("CFDs") for 200,000 shares at a 
price of GBP0.08 per share.
- On 27 September 2017, Mr JAJ Loots purchased 108,000 shares at an average price of R2.35 per share.
- On 29 September 2017, Mr JAJ Loots entered into a CFD for 200,000 shares at average of GBP12.747p per share. 

Mr JAJ Loots had 668,675 shares and 400,000 CFD's at period end, representing 0.05% of the total issued shares.

Mr GP Louw participated in the following company shares transactions:
- On 28 September 2017, Mr GP Louw purchased 45,000 shares at an average price of R2.35 per share.
- On 23 February 2018, Mr GP Louw purchased 75,000 shares at R1.30 per share.

Mr GP Louw had 257,450 shares at period end, representing 0.01% of the total issued shares.

Mr T Mosololi, on 6 October 2017, purchased 20,000 shares at R2.30. Mr T Mosololi had 50,000 shares outstanding at 
period end, representing 0.01% of total issued shares.

Mr K Spencer had 3,000,000 shares at period end, representing 0.13% of the total issued shares.

No dealings in the securities by the directors of the company took place between the period end and the date of the 
publication of this announcement.

Shares issued
No additional issuance of shares during the current reporting period.

Going concern
The group closely monitors and manages its liquidity risk by means of a centralised treasury function. Cash forecasts 
are regularly produced, and sensitivities run for different scenarios including, but not limited to, changes in 
commodity prices and different production profiles from the group's producing assets. The group had R485 million of 
available debt facilities and R12.6 million of cash and cash equivalents at 30 June 2018. Based on the current status 
of the group's finances, having considered going concern forecasts and reasonably possible downside scenarios, 
including a ZAR gold price of R525,000/kg (USD1,270/oz at a prevailing ZAR:USD average exchange rate R12.86:1), and 
reduced production volumes, the group's forecasts demonstrate it will have sufficient liquidity headroom to meet its 
obligations in the ordinary course of business, and will comply with financial covenants for the 12 months from the 
date of approval of the financial statements.

The board has a reasonable expectation that the company has adequate resources to continue in operational existence for 
the foreseeable future. Accordingly, the group continues to adopt the going concern basis of accounting in preparation 
of the 30 June 2018 financial statements.

Events after the reporting period
The group had no material events after the reporting period.

Segment reporting
A segment is a distinguishable component of the group engaged in providing products or services in a particular 
business sector or segment, which is subject to risks and rewards different from those of other segments. The group's 
business activities were conducted through the following business segments:

Continuing operations:
- Barberton Mines (including BTRP), located in Barberton, South Africa;
- Evander Mines (ETRP and Elikhulu, excluding the 8 Shaft underground mining operation), located in Evander, South 
Africa;
- Corporate, located in Johannesburg, South Africa; and
- Pan African Resources Funding Company Proprietary Limited ("Funding Company"), located in Johannesburg, South Africa.

Discontinued operations:
- Phoenix, located near Rustenburg, South Africa;
- Uitkomst Colliery, located in Newcastle, South Africa; and
- Evander Mines' underground operations (including 8 Shaft, 7 Shaft and the run-of-mine circuit in the Kinross 
Metallurgical plant), located in Evander, South Africa.

The executive committee reviews the operations in accordance with the disclosures presented above. 

Cobus Loots                              Deon Louw
Chief Executive Officer                  Financial Director

19 September 2018


Pan African Resources PLC

Summarised consolidated statement of profit or loss and other comprehensive income for the period ended 30 June 2018

                                               30 June 2018       30 June 2017       30 June 2018       30 June 2017 
                                                   (Audited)          (Audited)        (Unaudited)        (Unaudited) 
                                       (Note 1)                              (Note 1)
Continuing operations                           GBP million        GBP million        ZAR million        ZAR million
Revenue                                               108.5              125.1            1,873.9            2,158.2
Gold sales                                            108.5              125.1          1,873.9            2,158.2
Realisation costs                                      (2.0)              (1.0)             (34.6)             (17.5) 
On-mine revenue                                       106.5              124.1            1,839.3            2,140.7
Gold cost of production                               (77.7)             (75.4)          (1,342.1)          (1,301.4) 
Mining depreciation                                    (4.9)              (5.5)             (85.1)             (94.9) 
Mining profit                                          23.9               43.2              412.1              744.4
Other (expenses)                                       (4.2)              (0.3)             (74.0)              (4.1) 
Profit on disposal of investment     -                0.2                  -                4.6
Profit on disposal of subsidiary                          -                5.4                  -               91.3
Continuing operations - Impairment costs               (8.2)                 -             (136.6)                 - 
Royalty costs                                          (0.4)              (1.1)              (7.2)          (19.2) 
Net income before finance income and finance costs     11.1               47.4              194.3              817.0
Finance income                                          1.5                0.3               25.7                4.4
Finance costs                                          (3.2)              (2.8)             (54.3)             (48.4) 
Profit before taxation                           9.4               44.9              165.7              773.0
Taxation                                                2.1               (4.3)              36.3              (72.4) 
Profit after taxation - continuing operations          11.5               40.6              202.0              700.6
Discontinued operations
Loss from discontinued operations                    (104.8)             (22.7)          (1,758.9)            (390.7) 
(Loss)/Profit after taxation                          (93.3)              17.9           (1,556.9)             309.9
Other comprehensive (loss)/income:
Items that have been or may subsequently be 
reclassified to the statement of profit or 
loss (net of tax):
Fair value movement on available for 
sale investment                    (3.9)              (0.1)             (70.9)              (1.7) 
Taxation on fair value movement on 
available for sale investment                           0.9                  -               15.9                  -
Items that will not be reclassified to the 
statement of profit or loss (net of tax):
Profit on disposal of available for 
sale investment                  -              (0.2)                  -               (4.6) 
Foreign currency translation differences               (5.9)             21.7                   -                  - 
Total comprehensive (loss)/income for the year       (102.2)             39.3            (1,611.9)              303.6 
(Loss)/Profit attributable to:
Owners of the parent                                  (93.3)             17.9            (1,556.9)              309.9
Total comprehensive (loss)/income attributable to:
Owners of the parent                                 (102.2)             39.3            (1,611.9)              303.6
Earnings per share - combined operations              (5.15)             1.14              (86.03)              19.81
Diluted earnings per share - combined operations      (5.15)             1.14              (86.03)              19.80
Earnings per share - continuing operations             0.63              2.60               11.16               44.78
Diluted earnings per share - continuing operations     0.63              2.60               11.16               44.76

Note 1: The prior reporting period's figures have been represented in accordance with IFRS 5 non-current assets held 
for sale and discontinued operations.

Summarised consolidated Statement of Financial Position as at 30 June 2018

                                               30 June 2018       30 June 2017       30 June 2018       30 June 2017 
                                                   (Audited)          (Audited)        (Unaudited)        (Unaudited) 
                         GBP million        GBP million        ZAR million        ZAR million
Assets
Non-current assets
Property, plant and equipment 
and mineral rights                                    192.8              224.7            3,488.3            3,810.7
Other intangible assets (Note 1)                          -                0.1                0.6                1.2
Deferred taxation                                       6.2                0.8              112.3               12.9
Long-term inventory                                     0.6                0.7               10.3               11.6
Long-term receivables                                   1.3                2.5               24.0               43.0
Goodwill                                               21.0          21.0              303.5              303.5
Investments                                             3.1                7.5               56.7              127.6
Rehabilitation funds                                   20.1               18.9              364.3              320.6
                                                      245.1              276.2            4,360.0            4,631.1
Current assets
Inventories                                             2.7                5.1               48.9               85.7
Current taxation asset                                  0.7                1.1               12.5               18.1
Trade and other receivables                            14.8               13.7              268.6              233.1
Current portion of long-term receivables                0.9                  -               17.2                  - 
Financial instruments assets(Note 1)                    0.2                  -                4.0                  -
Cash and cash equivalents                               0.7                9.4               12.6              160.2
                                                       20.0               29.3              363.8              497.1
Non-current assets held for sale                          -                5.6                  -               95.2
Total assets                                          265.1              311.1            4,723.8            5,223.4
Equity and liabilities
Capital and reserves
Share capital                                          22.3               22.3        318.8              318.8
Share premium                                         144.6              145.4           2,247.4            2,261.4
Translation reserve                                   (42.8)             (36.8)                -                  - 
Share option reserve                                    1.7                1.2              24.6               17.2
Retained earnings                                     30.0              131.3             161.4            1,867.1
Realisation of equity reserve                         (10.7)             (10.7)           (140.6)            (140.6) 
Treasury capital reserve                              (15.6)             (25.4)           (385.2)            (548.6)
Merger reserve                                        (10.7)      (10.7)           (154.7)            (154.7)
Other reserves                                         (3.0)                 -             (55.0)                 - 
Equity attributable to owners of the parent           115.8              216.6           2,016.7            3,620.6
Total equity                                          115.8              216.6           2,016.7            3,620.6
Non-current liabilities
Long-term provisions                                   15.1               11.7             273.4              197.7
Long-term liabilities                                  86.5               12.3           1,565.0              208.4
Deferred taxation                                      14.3               38.9             259.5              660.5
                         115.9               62.9           2,097.9            1,066.6
Current liabilities
Trade and other payables                               27.6               27.1             505.2              458.9
Current portion of long term liabilities                5.2                4.1              93.5               70.3
Current taxation liability (Note 1)                     0.6                -              10.5                0.8
                                                       33.4               31.2             609.2              530.0
Liabilities directly associated with 
non-current assets held for sale                          -                0.4                 -                6.2
Total equity and liabilities                          265.1              311.1           4,723.8            5,223.4

Note 1: Figures are presented in millions, and values less than GBP0.5 million or R0.5 million, have been rounded to 
zero.

Summarised consolidated statement of cash flows for the year ended 30 June 2018

                                               30 June 2018       30 June 2017       30 June 2018       30 June 2017 
                 (Audited)          (Audited)        (Unaudited)        (Unaudited) 
                                                GBP million        GBP million        ZAR million        ZAR million
                                                    (Note 1)           (Note 1)           (Note 1)           (Note 1)
Net cash (used in)/generated from 
operations after taxation,
royalties and finance charges                          (3.3)              16.5              (53.2)             281.0
Dividends paid net of PAR Gold reciprocal 
dividend                                               (8.2)             (13.3)            (148.9)            (232.6) 
Net cash (used in)/generated from 
operating activities                                  (11.5)               3.2             (202.1)        48.4
Investing activities
Additions to property, plant and equipment 
and mineral rights                                    (92.7)             (35.5)          (1,601.4)            (612.7) 
Additions to other intangible assets                      -               (0.1)              (0.3)              (0.4) 
Rehabilitation funds contributions                     (1.5)                 -        (26.2)                 -
Proceeds on disposals of Property plant 
and equipment and mineral rights                          -                0.4                  -                7.0
Increase in long term loans receivables                (0.4)              (1.2)              (6.5)             (20.0) 
Proceeds from disposal of subsidiary, 
net of cash       -                6.6                  -              111.7
Proceeds on disposals of investment                     4.8                1.4               89.0               23.4
Net cash used in investing activities                 (89.8)             (28.4)          (1,545.4)            (491.0) 
Financing activities                                      -                  -                  -                 - 
Proceeds from borrowings                               90.0               47.8            1,535.0              817.0
Borrowings repaid                                      (5.8)             (54.0)            (100.0)            (915.0) 
Proceeds/(settlement) of financial instruments          0.9               (1.4)              15.5              (22.9) 
Proceeds from disposal of treasury shares               8.9                  -              149.4                  - 
Shares issued                                             -               40.8                  -              696.0
Share issue costs                                         -               (1.4)                 -              (24.0) 
Net cash from financing activities                     94.0               31.8            1,599.9              551.1
Net (decrease)/increase in cash and 
cash equivalents                                       (7.3)               6.6             (147.6)             108.5
Cash and cash equivalents at the beginning 
of the year                                             9.4                2.7              160.2               52.6
Cash and cash equivalents from 
discontinued operations                                   -               (0.1)                 -               (0.9) 
Effect of foreign exchange rate changes                (1.4)               0.2                  -                  -
Cash and cash equivalents at the end of the year        0.7                9.4               12.6              160.2

Note 1: Figures are presented in millions, and values below GBP0.5 million or R0.5 million, have been rounded to zero.

Note 2: The cash settled share option costs have been represented in cash generated from operating activities from 
financing activities in the current and prior reporting period.

Summarised audited consolidated segment report for the year ended 30 June 2018

                                                              30 June 2018
                                       Continuing operations                 Discontinued operations
                                                                          Evander
                                      Evander   Corporate                   Mines
                                        Mines      office                   (Dis-
                                  (Continuing    and               continued     Phoenix
                        Barberton  operations)     growth     Funding  operations)   Platinum   Reclassi-
                            Mines     (Note 3)   projects     Company     (Note 3)    (Note 4)   fication       Group
                              GBP         GBP         GBP         GBP         ZAR         GBP         GBP         GBP
            million     million     million     million     million     million     million     million
Revenue
Gold sales 
(Note 1)                     87.2        21.3           -           -        47.0           -       (47.0)       108.5
Platinum Sales                  -           -           -           -           -         1.4        (1.4)           - 
Coal sales                      -       -           -           -           -           -           -            - 
Realisation costs            (0.4)       (1.6)          -           -        (0.7)          -         0.7         (2.0)
On-mine revenue              86.8        19.7           -           -        46.3         1.4       (47.7)       106.5
Gold cost 
of production               (65.9)      (11.8)          -           -       (59.5)          -        59.5        (77.7)
Platinum cost of
production                      -           -           -           -           -        (1.6)        1.6            - 
Coal cost of production         -           -           -           -           -           -           -            -
Depreciation and
amortisation                 (4.2)       (0.7)          -           -        (6.1)          -         6.1         (4.9) 
Mining Profit                16.7         7.2           -           -       (19.3)       (0.2)       19.5         23.9
Other (expenses)/
income (Note 2)              (0.7)        0.9        (4.0)       (0.4)      (11.5)          -        11.5         (4.2) 
Loss from associate             -           -           -           -           -           -         -            -
Profit on disposal of
investment                      -           -           -           -           -           -           -            -
Profit on disposal of
subsidiary                      -           -           -           -           -           -           -            -
Continuing operations
- impairment costs 
(Note 6)                        -        (8.2)         -           -        (98.1)          -        98.1         (8.2)
Adjustment on sale of
asset held for sale             -           -          -           -            -        (0.3)        0.3            - 
Royalty costs                (0.4)          -          -           -         (0.2)          -         0.2         (0.4)
Net income/(loss) 
before finance income 
and finance costs            15.6        (0.1)      (4.0)       (0.4)      (129.1)        (0.5)     129.6         11.1
Finance income                0.2         0.8        0.4         0.1          0.5            -       (0.5)         1.5
Finance costs                   -         0.1          -        (3.3)        (0.2)           -        0.2         (3.2) 
Profit/(loss) before
taxation                     15.8         0.8    (3.6)       (3.6)      (128.8)        (0.5)     129.3          9.4
Taxation                     (2.3)        5.6       (1.2)          -         24.4          0.1      (24.5)         2.1
Profit/(loss) after 
taxation before 
inter-company 
charges                      13.5         6.4       (4.8)       (3.6)      (104.4)        (0.4)     104.8         11.5
Loss after taxation 
from discontinued 
operations                      -           -          -           -            -            -     (104.8)      (104.8)
Profit/(loss) after 
taxation before 
inter-company 
charges                      13.5         6.4       (4.8)       (3.6)       (104.4)        (0.4)        -        (93.3)
Inter-company 
transactions
Management fees              (2.0)       (0.1)       1.8        (0.1)         (0.2)          0.6        -            - 
Inter-company 
interest charges             (0.3)          -       (0.4)        3.6          (2.9)            -        -            -
Profit/(loss) after 
taxation after 
inter-company 
charges                      11.2         6.3       (3.4)       (0.1)       (107.5)          0.2        -        (93.3)
Segmental assets 
(Total assets 
excluding goodwill)          79.3       156.9        7.5         0.7             -             -        -        244.4
Segmental liabilities        26.9        30.7        1.6        90.5             -             -        -        149.7
Goodwill                     21.0           -          -           -             -             -        -         21.0
Net assets (excluding
goodwill) (Note 7)           52.4       126.2        5.9       (89.8)            -             -        -         94.7
Capital Expenditure
(Note 8)                     12.2        73.0        0.1           -             -             -        -         85.3
Adjusted EBITDA 
(Note 9)                     19.8        8.8        (4.0)       (0.4)        (15.6)         (0.2)    15.8         24.2


                     30 June 2017
                               Continuing operations                 Discontinued operations
                                                                                          Evander
                              Evander   Corporate                                           Mines
                                Mines      office                (Dis-
                          (Continuing         and                Uitkomst     Phoenix   continued 
                Barberton  operations)     growth     Funding    Colliery    Platinum  operations)   Reclassi-
                    Mines     (Note 3)   projects     Company     (Note 5)    (Note 4)    (Note 3)   fication       Group
                      GBP         GBP         GBP         GBP         GBP         GBP         GBP         GBP         GBP
                  million     million     million     million     million     million     million     million     million
Revenue
Gold sales 
(Note 1)             97.3        27.8           -           -           -           -        44.5       (44.5)      125.1
Platinum Sales          -           -           -           -           -         4.8           -        (4.8)          - 
Coal sales              -           -           -           -        25.1           -           -       (25.1)          - 
Realisation costs    (0.6)       (0.4)          -           -           -           -        (0.8)        0.8        (1.0) 
On-mine revenue      96.7        27.4           -           -        25.1         4.8        43.7       (73.6)      124.1
Gold cost of 
production          (61.2)      (14.2)          -           -           -           -       (58.6)       58.6      (75.4)
Platinum cost of
production              -           -           -           -           -        (5.0)          -         5.0          - 
Coal cost of 
production              -           -           -           -       (21.7)     -           -        21.7          -
Depreciation and
amortisation         (4.7)       (0.8)          -           -        (0.7)       (0.9)       (5.0)         6.6       (5.5) 
Mining Profit        30.8        12.4           -           -         2.7        (1.1)      (19.9)        18.3       43.2
Other (expenses)/
income (Note 2)       4.6         0.5        (5.5)        0.1         0.2    (0.1)       (1.8)         1.7       (0.3) 
Loss from associate     -           -           -           -           -           -           -            -          -
Profit on disposal of
investment              -           -         0.2           -           -           -           -            -        0.2
Profit on disposal of
subsidiary              -           -         5.4           -       -           -           -            -        5.4
Continuing operations 
- impairment costs
(Note 6)                -           -           -           -           -        (6.0)          -          6.0          -
Adjustment on sale of
asset held for sale     -           -           -           -           -           -           -            -          - 
Royalty costs        (1.0)       (0.1)          -           -        (0.1)          -        (0.2)         0.3       (1.1) 
Net income/(loss) 
before finance 
income and finance 
costs                34.4        12.8         0.1         0.1         2.8        (7.2)      (21.9)        26.3       47.4
Finance income          -           -         0.1         0.2         0.1           -           -         (0.1)       0.3
Finance costs           -           -           -        (2.8)          -           -           -            -       (2.8) 
Profit/(loss) before
taxation             34.4        12.8         0.2        (2.5)        2.9        (7.2)      (21.9)        26.2       44.9
Taxation             (5.7)        2.0        (0.5)       (0.1)       (0.8)        0.3         4.0         (3.5)      (4.3) 
Profit/(loss) after
taxation before 
inter-company 
charges              28.7        14.8        (0.3)       (2.6)        2.1        (6.9)      (17.9)        22.7       40.6
Loss after 
taxation from
discontinued 
operations             -            -           -           -           -            -          -        (22.7)      (22.7)
Profit/(loss) after 
taxation before 
inter-company 
charges             28.7    14.8        (0.3)       (2.6)        2.1        (6.9)      (17.9)            -       17.9
Inter-company 
transactions
Management fees     (2.8)        (0.8)        5.7        (0.1)       (0.4)       (0.3)       (1.3)            -          - 
Inter-company 
interest charge     (0.8)           -        (0.6)        2.8           -         0.1        (1.5)            -          -
Profit/(loss) after 
taxation after 
inter-company 
charges             25.1         14.0         4.8         0.1         1.7        (7.1)      (20.7)            -       17.9
Segmental assets 
(Total assets 
excluding
goodwill)           73.8        190.0        19.6         1.1           -         5.6           -             -      290.1
Segmental 
liabilities         25.2         52.5         4.6        11.9        -         0.4           -             -       94.6
Goodwill            21.0            -           -           -           -           -           -             -       21.0
Net assets 
(excluding 
goodwill) 
(Note 7)            48.6        137.5        15.0      (10.8)           -         5.2           -             -      195.5
Capital 
Expenditure
(Note 8)            11.2         10.2       0.1          -          0.9         0.3        12.9             -       35.6
Adjusted 
EBITDA 
(Note 9)           39.1         13.6         (5.5)       0.1          3.5        (0.3)      (16.9)         13.7       47.3

Figures are presented in millions, and values less than GBP0.5 million or R0.5 million, have been rounded to zero.

Note 1: All gold sales were made in the Republic of South Africa and the majority of revenue was generated from South 
African financial institutions.

Note 2: Other (expenses)/income exclude inter-company management fees and dividends.

Note 3: During the current reporting period, Evander Mines underground operations ceased mining on 31 May 2018. The 
ETRP buy-in operations remain as continuing operations.

Note 4: Phoenix was classified as held for sale and as a discontinued operation at 30 June 2017. The Phoenix disposal 
was concluded on 6 November 2017.

Note 5: The disposal of Pan African Resources Coal Holdings Proprietary Limited and Uitkomst was completed on 30 June 
2017 and this business was classified as a discontinued operation.

Note 6: Impairment costs associated with the continuing operations represent the carrying value of the Kinross and ETRP 
metallurgical plant infrastructure.

Note 7: All assets are held within South Africa. The segmental assets and liabilities above, exclude inter-company 
balances. 

Note 8: Capital expenditure comprises of additions to property, plant and equipment and mineral rights and 
intangible assets.

Note 9: Adjusted EBITDA is represented by earnings before interest, taxation, depreciation and amortisation, 
impairments, discontinued operations and profit/(loss) on disposal of investments.

Summarised unaudited consolidated segment report for the year ended 30 June 2018

                                                              30 June 2018
                                       Continuing operations                 Discontinued operations
                                   Evander
                                      Evander   Corporate                   Mines
                                        Mines      office                   (Dis-
                                  (Continuing         and               continued     Phoenix
                        Barberton  operations)     growth     Funding  operations)   Platinum   Reclassi-
                            Mines     (Note 3)   projects     Company     (Note 3)    (Note 4)   fication       Group
                              ZAR         ZAR         ZAR         ZAR         ZAR         ZAR         ZAR         ZAR
                          million     million     million     million     million     million     million     million
Revenue
Gold sales (Note 1)       1,506.5       367.4           -           -       811.4            -     (811.4)    1,873.9
Platinum Sales                  -           -           -           -           -         24.7      (24.7)          - 
Coal sales                      -           -           -           -           -            -          -           - 
Realisation costs            (7.7)      (26.9)          -           -       (12.5)           -       12.5       (34.6) 
On-mine revenue           1,498.8       340.5           -           -       798.9         24.7     (823.6)    1,839.3
Gold cost 
of production            (1,138.0)     (204.1)         -            -    (1,027.8)           -    1,027.8    (1,342.1)
Platinum cost of
production                      -           -          -            -           -        (28.2)      28.2           - 
Coal cost 
of production                   -           -          -            -           -            -          -           -
Depreciation and
amortisation                (72.8)      (12.3)         -            -      (106.1)           -      106.1       (85.1) 
Mining Profit               288.0       124.1          -            -      (335.0)        (3.5)     338.5       412.1
Other (expenses)/
income (Note 2)             (12.7)       14.9      (69.0)        (7.2)     (198.0)         0.7      197.3       (74.0) 
Profit on 
disposal of                
investment                      -           -          -            -           -            -          -           -
Profit on disposal 
of subsidiary                   -           -          -            -        -            -          -           -
Continuing operations 
- impairment costs 
(Note 6)                        -      (136.6)         -            -    (1,644.5)           -    1,644.5       (136.6)
Adjustment on sale of
asset held for sale             -           -          -            -           -         (4.9)       4.9            - 
Royalty costs                (6.5)       (0.7)      -            -        (4.1)           -        4.1         (7.2)
Net income/(loss) 
before finance income 
and finance costs           268.8         1.7      (69.0)         (7.2)   (2,181.6)       (7.7)   2,189.3        194.3
Finance income                3.3        13.3        6.2           2.9         8.6         0.1       (8.7)        25.7
Finance costs                   -           -       (0.1)        (54.2)          -           -          -        (54.3) 
Profit/(loss) before
taxation                    272.1        15.0      (62.9)        (58.5)    (2,173.0)      (7.6)   2,180.6        165.7
Taxation                    (40.2)       95.9      (18.9)         (0.5)       421.0        0.7     (421.7)        36.3
Profit/(loss) after 
taxation before 
inter-company 
charges and
discontinued 
operations                  231.9       110.9      (81.9)        (59.0)    (1,752.0)      (6.9)   1,758.9        202.0
Loss after taxation 
from discontinued 
operations                      -           -          -             -            -          -   (1,758.9)    (1,758.9)
Profit/(loss) after 
taxation before 
inter-company 
charges                     231.9       110.9      (81.8)       (59.0)     (1,752.0)     (6.9)         -     (1,556.9)
Inter-company 
transactions
Management fees             (34.0)       (1.5)      41.0          (2.0)         (3.5)        -          -            - 
Inter-company 
interest charges             (5.1)          -       (6.3)         62.3         (50.9)        -          -            -
Profit/(loss) after 
taxation after 
inter-company 
charges                     192.8       109.4      (47.1)          1.3      (1,806.4)     (6.9)         -     (1,556.9)
Segmental assets 
(Total assets 
excluding
goodwill)                 1,434.0     2,838.4      135.9          12.8             -         -          -      4,420.1
Segmental liabilities       486.8       555.3       28.4       1,636.5             -         -          -      2,707.0
Goodwill                    303.5           -          -             -             -         -          -        303.5
Net assets (Excluding
goodwill) (Note 7)          947.2     2,283.1      106.5      (1,623.7)            -         -          -      1,713.1
Capital expenditure 
(Note 8)                    210.4     1,261.4        2.2             -          176.1        -          -      1,650.1
Adjusted EBITDA 
(Note 9)                    341.6      150.6       (69.0)         (7.2)        (270.0)    (2.8)     272.8        416.0



                                                                30 June 2017
                               Continuing operations                 Discontinued operations
                                                                                          Evander
                              Evander   Corporate                                           Mines
                                Mines      office                                            (Dis-
                          (Continuing         and                Uitkomst     Phoenix   continued 
                Barberton  operations)     growth     Funding    Colliery    Platinum  operations)   Reclassi-
                    Mines     (Note 3)   projects     Company     (Note 5)    (Note 4)    (Note 3)   fication       Group
                      ZAR         ZAR         ZAR         ZAR         ZAR         ZAR         ZAR         ZAR         ZAR
                  million     million     million     million     million     million     million     million     million
Revenue
Gold sales 
(Note 1)          1,679.2       479.0           -           -           -           -       767.2      (767.2)    2,158.2
Platinum Sales          -           -           -           -           -        82.2           -       (82.2)          - 
Coal sales              -           -           -           -       432.8           -           -      (432.8)          - 
Realisation costs   (10.5)       (7.0)          -           -           -           -       (14.0)       14.0       (17.5) 
On-mine revenue   1,668.7       472.0           -           -       432.8        82.2       753.2    (1,268.2)    2,140.7
Gold cost 
of production    (1,056.2)     (245.2)          -           -           -           -    (1,010.2)    1,010.2    (1,301.4)
Platinum cost of
production              -           -          -           -           -       (86.4)          -        86.4           - 
Coal cost 
of production           -           -           -           -      (375.0)          -           -       375.0           -
Depreciation and
amortisation        (81.9)      (13.0)          -           -       (12.2)      (15.0)      (86.2)      113.4       (94.9) 
Mining Profit       530.6       213.8       -           -        45.6       (19.2)     (343.2)      316.8       744.4
Other (expenses)/
income (Note 2)      81.3         8.6       (95.6)        1.6         2.7        (2.0)      (30.4)       29.7        (4.1)
Profit on 
disposal of
investment              -           -         4.6           -           -           -           -           -         4.6
Profit on 
disposal of
subsidiary              -           -        91.3           -           -           -           -           -        91.3
Continuing operations   
- impairment costs 
(Note 6)                -           -           -           -           -      (100.9)          -       100.9           -
Adjustment on sale of
asset held for sale     -           -           -           -           -           -           -         -           - 
Royalty costs       (17.5)       (1.7)          -           -        (1.2)          -        (3.8)        5.0       (19.2)
Net income/(loss) 
before finance 
income and
finance costs       594.4       220.7         0.3         1.6        47.1      (122.1)     (377.4)      452.4       817.0
Finance income        0.1         0.3         0.9         3.1         1.8           -         0.6        (2.4)        4.4
Finance costs        (0.4)          -        (0.2)      (47.8)          -           -        (0.2)        0.2       (48.4) 
Profit/(loss) 
before taxation     594.1       221.0         1.0       (43.1)       48.9      (122.1)     (377.0)      450.2       773.0
Taxation            (97.5)       35.4        (9.2)       (1.1)      (13.6)        4.8        68.3       (59.5)      (72.4) 
Profit/(loss) 
after taxation 
before inter-
company charges 
and discontinued 
operations          496.6       256.4        (8.2)      (44.2)       35.3      (117.3)     (308.7)      390.7       700.6
Loss after 
taxation from
discontinued 
operations              -           -           -           -           -           -           -      (390.7)     (390.7)
Profit/(loss) 
after taxation 
before inter-
company charges     496.6       256.4        (8.2)      (44.2)       35.3      (117.3)     (308.7)          -       309.9
Inter-company 
transactions
Management fees     (48.4)      (14.1)       97.9        (1.6)       (7.6)       (4.5)      (21.7)          -           - 
Inter-company 
interest charges    (13.1)          -       (11.3)       47.9         0.5         2.1       (26.1)          -           -
Profit/(loss) 
after taxation 
after inter-
company charges     435.1       242.3        78.4         2.1        28.2      (119.7)     (356.5)          -       309.9
Segmental assets 
(Total assets 
excluding 
goodwill)         1,251.0     3,222.6       332.6        18.5           -        95.2           -           -     4,919.9
Segmental 
liabilities     426.7       890.1        77.8       202.0           -         6.2           -           -     1,602.8
Goodwill            303.5           -           -           -           -           -           -           -       303.5
Net assets 
(Excluding
goodwill) 
(Note 7)            824.3     2,332.5       254.8      (183.5)          -        89.0           -           -     3,317.1
Capital 
expenditure
(Note 8)            193.5       222.2         1.4           -        15.1         5.4       175.5           -       613.1
Adjusted EBITDA
(Note 9)            676.3       233.7       (95.6)        1.6        59.3        (6.2)     (291.2)      238.1       816.0

Figures are presented in millions, and values less than GBP0.5 million or R0.5 million, have been rounded to zero.

Note 1: All gold sales were made in the Republic of South Africa and the majority of revenue was generated from South 
African financial institutions.

Note 2: Other (expenses)/income exclude inter-company management fees and dividends.

Note 3: During the current reporting period, Evander Mines underground operations ceased mining on 31 May 2018. The 
ETRP buy-in operations remain as continuing operations.

Note 4: Phoenix was classified as held for sale and as a discontinued operation at 30 June 2017. The Phoenix disposal 
was concluded on 6 November 2017.

Note 5: The disposal of Pan African Resources Coal Holdings Proprietary Limited and Uitkomst was completed on 30 June 
2017 and this business was classified as a discontinued operation.

Note 6: Impairment costs associated with the continuing operations represent the carrying value of the Kinross and ETRP 
metallurgical plant infrastructure.

Note 7: All assets are held within South Africa. The segmental assets and liabilities above, exclude inter-company 
balances. 

Note 8: Capital expenditure comprises of additions to property, plant and equipment and mineral rights and 
intangible assets.

Note 9: Adjusted EBITDA is represented by earnings before interest, taxation, depreciation and amortisation, 
impairments, discontinued operations and profit/(loss) on disposal of investments.

Summarised audited consolidated statement of changes in equity for the year ended 30 June 2018
                                                                                                
                                     Share          Share    Translation   Share option       Retained 
                                   capital        premium        reserve        reserve       earnings 
                               GBP million    GBP million    GBP million    GBP million    GBP million 
Balance at 
30 June 2016                          19.4           108.9          (58.6)           1.0          126.8  
Issue of shares     2.9            37.9              -              -              - 
Share issue costs                        -            (1.4)             -              -              -
Profit for the year                      -               -              -              -           17.9
Total comprehensive
income                                   -               -           21.7              -              -
Dividends paid                           -               -              -              -          (17.1)
Reciprocal dividends
- PAR Gold                               -               -              -              -            3.8 
Share based payment 
- charge for the year                    -               -              -            0.2              -  
Balance at 30 June 2017
(Note 1)                       22.3           145.4          (36.9)           1.2          131.4  
Disposal of treasury 
shares                                   -            (0.8)             -              -              - 
Loss for the year                        -               -              -              -          (93.3) 
Total comprehensive
loss                                     -               -           (5.9)             -              -  
Dividends paid                           -               -              -              -          (10.0)
Reciprocal dividends 
- PAR Gold                               -               -              -              -            1.9
Share based payment 
- charge for the year                    -               -              -            0.5    -
Balance at 30 June 2018               22.3           144.6          (42.8)           1.7           30.0 


                               Realisation       Treasury
                                 of equity        capital         Merger          Other
                                   reserve        reserve        reserve       reserves          Total
                               GBP million    GBP million    GBP million    GBP million    GBP million    
Balance at 
30 June 2016                         (10.7)         (25.4)         (10.7)           0.3          151.0
Issue of shares                          -              -              -              -           40.8
Share issue costs                        -              -              -              -           (1.4) 
Profit for the year                      -              -              -              -           17.9
Total comprehensive
income                                   -              -              -           (0.3)          21.4
Dividends paid                           -              -              -              -          (17.1) 
Reciprocal dividends
- PAR Gold                               -              -              -              -            3.8
Share based payment 
- charge for the year                    -              -              -              -            0.2
Balance at 30 June 2017
(Note 1)                             (10.7)         (25.4)         (10.7)             -          216.6
Disposal of treasury 
shares                                   -            9.8              -      -            9.0
Loss for the year                        -              -              -              -          (93.3) 
Total comprehensive loss                 -              -              -           (3.0)          (8.9) 
Dividends paid                           -              -              -              -          (10.0)
Reciprocal dividends 
- PAR Gold                               -              -              -              -            1.9
Share based payment 
- charge for the year                    -              -              -              -            0.5
Balance at 30 June 2018              (10.7)         (15.6)         (10.7)          (3.0)         115.8


Note 1: Due to rounding in the statement of change in equity, the figures may differ to the summarised 
consolidated statement of financial position.


Summarised unaudited consolidated statement of changes in equity for the year ended 30 June 2018
                                                                                                
                                     Share          Share    Translation   Share option       Retained 
                                   capital        premium      reserve        reserve       earnings 
                               ZAR million    ZAR million    ZAR million    ZAR million    ZAR million 
Balance at 
30 June 2016                         269.7       1,638.5               -           14.0       1,789.9 
Issue of shares                       49.1         646.9               -              -             - 
Share issue costs        -         (24.0)              -              -             - 
Profit for the year                      -             -               -              -         309.9  
Total comprehensive income               -             -               -              -             -  
Dividends paid                           -             -               -              -        (300.0)
Reciprocal dividends 
- PAR Gold                               -             -               -              -          67.4  
Share based payment 
- charge for the year                    -             -               -            3.2             - 
Balance at 30 June 2017 
(Note 1)                             318.8       2,261.4               -           17.2       1,867.2  
Disposal of treasury shares              -         (14.0)              -              -             -    
Loss for the year                        -             -               -              -      (1,556.9) 
Total comprehensive loss                 -             -               -              -             -   
Dividends paid                           -             -               -              -        (185.0)  
Reciprocal dividends 
- PAR Gold                               -             -               -              -          36.1 
Share based payment 
- charge for the year                    -             -               -            7.4             -  
Balance at 30 June 2018              318.8       2,247.4               -           24.6         161.4 

                               Realisation       Treasury
                         of equity        capital         Merger          Other
                                   reserve        reserve        reserve       reserves          Total
                               ZAR million    ZAR million    ZAR million    ZAR million    ZAR million    
Balance at 
30 June 2016                        (140.6)       (548.6)         (154.7)           6.3        2,874.5
Issue of shares                          -             -               -              -          696.0
Share issue costs                        -             -               -              -          (24.0) 
Profit for the year                      -             -               -              -          309.9
Total comprehensive income               -             -               -           (6.3)          (6.3) 
Dividends paid                           -             -               -              -         (300.0)
Reciprocal dividends 
- PAR Gold                               -             -               -              -           67.4
Share based payment 
- charge for the year                    -             -               -              -            3.2
Balance at 30 June 2017 
(Note 1)                            (140.6)       (548.6)         (154.7)             -        3,620.7
Disposal of treasury shares              -         163.4               -              -          149.4
Loss for the year                        -             -               -              -       (1,556.9) 
Total comprehensive loss                 -             -               -          (55.0)       (55.0) 
Dividends paid                           -             -               -              -         (185.0)
Reciprocal dividends 
- PAR Gold                               -             -               -              -           36.1
Share based payment 
- charge for the year                    -             -               -              -            7.4
Balance at 30 June 2018    (140.6)       (385.2)         (154.7)         (55.0)       2,016.7

Note 1: Due to rounding in the statement of change in equity, the figures may differ to the summarised 
consolidated statement of financial position.

Unaudited alternative performance measures summary for the period ended 30 June 2018
                                
30 June 2018    30 June 2017    Production cash cost, all-in sustaining      30 June 2017   30 June 2018
 USD million     USD million    costs and all-in costs                        ZAR million    ZAR million
       186.5           170.9    Cash costs                                        2,322.3        2,397.5
       184.3           170.1    Gold cost of production                           2,311.6        2,369.9
         3.7             2.3    Realisation costs                                    31.5           47.1 
        (1.5)           (1.5)   Care and maintenance costs                          (20.8)         (19.5)
       218.1           204.2    All-in sustaining costs                           2,772.7        2,802.1
       186.5           170.9    Cash costs                                        2,322.3        2,397.5
         0.9        1.7    Royalties                                            23.0           11.3
         1.1             1.7    Community costs related to gold operations           22.7           13.6 
        (0.1)           (0.2)   By-product credits                                   (3.3)          (1.9)
         7.3             6.9    Corporate general and administrative costs           93.1           94.4
         9.1            10.7    Development capital (sustaining)                    145.4          116.5
        13.3            12.5    Maintenance capital expenditure (sustaining)        169.5          170.7
       238.7           214.6    All-in costs                                      2,914.3        3,067.8
       218.1           204.2    All-in sustaining costs                           2,772.7        2,802.1
         8.1             7.4    Capital expenditure (non-sustaining)                100.8          104.7
        12.5             3.0    Voluntary severance pay/retrenchment                 40.8          161.0
                                costs (non-sustaining)                    

 
30 June 2018    30 June 2017                                                 30 June 2017   30 June 2018
 GBP million     GBP million    Summary of adjusted EBITDA                    ZAR million    ZAR million
        24.2            47.3    Adjusted EBITDA                                     816.0          416.0
       (93.3)           17.9    Loss/profit after taxation                          309.9       (1,556.9) 
        (2.1)            4.3    Taxation                    72.4          (36.3)
         3.2             2.8    Finance costs                                        48.4           54.3 
        (1.5)           (0.3)   Finance income                                       (4.4)         (25.7)
         8.2               -    Impairments                                             -          136.6
           -            (5.4)   Profit on disposal of subsidiary                    (91.3)             -
           -            (0.2)   Profit on disposal of investment                     (4.6)             -
         4.9             5.5    Mining depreciation and amortisation                 94.9           85.1
       104.8            22.7    Profit after tax on discontinued operations         390.7        1,758.9

           
30 June 2018    30 June 2017    Audited headline earnings and headline       30 June 2017   30 June 2018
 GBP million     GBP million    earnings per share from combined operations   ZAR million    ZAR million
       (93.3)           17.9    Basic earnings                                      309.9       (1,556.9)
           -            (0.2)   Profit on disposal of investment             (4.6)             -
           -               -    Taxation on profit on disposal of investment          1.0              -  
           -            (5.4)   Profit on disposal of subsidiary                    (91.3)             -
         0.3               -    Adjustment on sale of asset held for sale               -            4.9
           -               -    Profit on disposal of property plant and equipment   (0.4)             -
           -               -    Taxation on profit on disposal of  property           0.1              -
                                plant and equipment             
       106.3             6.0    Impairment                                          100.9        1,781.1
        13.3            18.3    Headline earnings              315.6          229.1
        0.73            1.17    Headline earnings per share                         20.17          12.66
        0.73            1.17    Diluted headline earnings per share                 20.17          12.66


                                Audited headline earnings and headline
30 June 2018    30 June 2017    earnings per share from continuing           30 June 2017   30 June 2018
 GBP million     GBP million    operations                                    ZAR million    ZAR million
        11.5            40.6    Basic earnings                                      700.6          202.0
           -            (0.2)   Profit on disposal of Investment                     (4.6)             -
           -               -    Taxation on profit on disposal of Investment          1.0              -
           -            (5.4)   Profit on disposal of subsidiary                    (91.3)             -
           -               -    Profit on disposal of property plant and equipment      -              -
           -               -    Tax on profit on disposal of  property                  -              -
                                plant and equipment
         8.2               -    Impairment                                              -          136.6
        19.6            35.0    Headline earnings                                   605.7          338.6
        1.08            2.24    Headline earnings per share                         38.72          18.71
        1.08            2.24    Diluted headline earnings per share         38.70          18.71


30 June 2018    30 June 2017                                                 30 June 2017   30 June 2018
 GBP million     GBP million    Net debt for the group                        ZAR million    ZAR million
        89.8             4.1    Net debt                                             67.6        1,623.6
        47.9            11.9    Revolving credit facility                           201.2          866.2
        42.6               -    Elikhulu term loan facility                             -          770.0 
           -             1.6    Gold loan                                            26.6              - 
        (0.7)           (9.4)   Cash and cash equivalents                          (160.2)         (12.6)


               Cash cost per                     
30 June 2018    30 June 2017  Metric       ounce and kilogramme    Metric    30 June 2017   30 June 2018
       1,162             986  USD/oz       Cash cost               ZAR/kg         430,863        480,439
       186.5           170.9  USD million  Cash costs              ZAR million    2,322.3        2,397.5
     160,444         173,285  Oz        Gold sold               kg               5,390          4,990


                                           All-in sustaining cost
                                           per ounce and                    
30 June 2018    30 June 2017  Metric       kilogramme              Metric    30 June 2017   30 June 2018
       1,358           1,177  USD/oz       All-in sustaining cost  ZAR/kg         514,435        561,468
       218.1           204.2  USD million  All-in sustaining costs ZAR million    2,772.7        2,802.1
     160,444         173,285  oz           Gold sold               kg               5,390          4,990

                                           
                                           All-in cost per ounce             
30 June 2018    30 June 2017  Metric       and kilogramme          Metric    30 June 2017   30 June 2018
       1,487           1,237  USD/oz       All-in cost             ZAR/kg         540,693        614,713
       238.7           214.6  USD million  All-in costs            ZAR million    2,914.3        3,067.8
     160,444          173,285  Oz           Gold sold               kg              5,390          4,990


Contact information
Corporate Office
The Firs Office Building
2nd Floor, Office 201
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office: + 27 (0) 11 243 2900
Facsimile: + 27 (0) 11 880 1240

Registered Office
Suite 31
Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office: + 44 (0) 207 796 8644
Facsimile: + 44 (0) 207 796 8645

Cobus Loots
Pan African Resources PLC 
Chief Executive Officer 
Office: + 27 (0) 11 243 2900

Deon Louw
Pan African Resources PLC 
Financial Director
Office: + 27 (0) 11 243 2900

Phil Dexter
St James's Corporate Services Limited
Company Secretary
Office: + 44 (0) 207 796 8644

John Prior/Paul Gillam
Numis Securities Limited
Nominated Adviser and Joint Broker
Office: +44 (0) 20 7260 1000

Sholto Simpson
One Capital
JSE Sponsor
Office: + 27 (0) 11 550 5009

Ross Allister/James Bavister/David McKeown
Peel Hunt LLP Joint Broker
Office: +44 (0) 207 418 8900

Julian Gwillim
Aprio Strategic Communications 
Public & Investor Relations SA 
Office: +27 (0)11 880 0037

Jeffrey Couch/Thomas Rider 
BMO Capital Markets Limited 
Joint Broker
Office: +44 (0) 207 236 1010

Bobby Morse
Buchanan
Public & Investor Relations UK 
Office: +44 (0)20 7466 5000
Email: [email protected]

Website: www.panafricanresources.com



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PAN - PAN AFRICAN RESOURCES PLC - Trading statement for the financial year ended 30 June 2018, production update for 2019 financial year and Elikhulu

2018/09/14 10:20:00
Trading statement for the financial year ended 30 June 2018, production update for 2019 financial year and Elikhulu

Pan African Resources PLC
("Pan African" or "the company" or "the group")
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496

TRADING STATEMENT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2018, PRODUCTION UPDATE
FOR 2019 FINANCIAL YEAR AND ELIKHULU COMMISSIONING

Pan African CEO Cobus Loots commented:

"The group results for the 2018 financial year are reflective of both the incredibly challenging operational
environment and the specific issues that confronted the group over the past year. These issues, as well as
the definitive remedial actions we implemented, were well disseminated to the market. The operational
update and the commissioning of the Elikhulu plant demonstrates that we are well on track to deliver into
our 2019 targets and look forward to the year ahead".

TRADING STATEMENT

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required
to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the
financial results for the period to be reported upon next, will differ by at least 20% from those of the previous
corresponding period.

Pan African is incorporated in England and Wales and, accordingly, its presentation currency is Pounds
Sterling ("GBP") with a functional currency in South African Rands ("ZAR" or "R").

The ZAR:GBP exchange rate affects the reporting of results in GBP. For the reporting period ended 30 June
2018 ("current reporting period"), the average prevailing ZAR:GBP exchange rate is used, and, in the event
of material transactions, the exchange rate on the date of the material transaction is used to translate
earnings from ZAR to GBP.

For the reporting period ended 30 June 2017 ("prior reporting period"), the average ZAR:GBP exchange rate
was ZAR17.25:1. For the current reporting period, the ZAR marginally depreciated against the GBP to an
average exchange rate of ZAR17.27:1. This 0.1% year-on-year depreciation in the average exchange rate
should be taken into account for the purposes of a comparison with the prior reporting period.

The group records its revenue from precious metals sales in ZAR. The strength in the value of the ZAR/USD
exchange rate during the current reporting period had an adverse impact on the USD revenue received
when translated into ZAR. In the current reporting period, the average ZAR/USD exchange rate appreciated
by 5.4% to R12.86:1 (2017: R13.59:1).

Due to the cessation of mining at Evander Gold Mining Proprietary Limited ("Evander Mines") underground
operations which includes 8 Shaft, 7 Shaft and the run-of-mine circuit in the Kinross metallurgical plant, the
financial results from the Evander Mines' underground operations were classified as discontinued operations
("discontinued operations") during the current reporting period. The prior reporting period's figures have been
re-presented to differentiate between the discontinued operations and the results from the remainder of the
operational portfolio comprising the continuing operations ("continuing operations"). The combined results
comprise the results of the continuing operations and discontinued operations ("combined operations"). As
result of the cessation of Evander Mines' underground operations, the group recognised a once-off
impairment charge of R1.78 billion (GBP106.3 million) and incurred retrenchments costs of R161 million
(GBP9.3 million).

In the current reporting period, the group's weighted average number of shares in issue increased by 15.7%
to 1,809,726,739 shares (2017: 1,564,346,115 shares). The increase in the weighted average number of
shares in issue is predominantly due to the full-year impact of the issuance of new shares to fund the equity
component of the Elikhulu tailings retreatment project's ("Elikhulu") construction late in the prior reporting
period. The disposal of 130-million Pan African shares held by PAR Gold Proprietary Limited, which had a
commensurate increase in the weighted average number of shares in issue, as these shares had previously
been treated as treasury shares. The proceeds from the disposal were partly utilised to fund the incorporation
of existing Evander tailing retreatment plant ("ETRP") throughput into Elikhulu's processing capacity, which
will result in an increased capacity of 1.2-million tonnes per month from December 2018.

Pan African advises shareholders that its headline earnings per share ("HEPS") and earnings per share
("EPS") in ZAR terms from its continuing operations for the current reporting period are expected to be
between:

-      HEPS: 57% to 47% lower than the 38.72 cents for the prior reporting period. Therefore the expected
       HEPS range is between 16.77 cents to 20.65 cents.
-      EPS: 80% to 70% lower than the 44.78 cents for the prior reporting period. Therefore the expected EPS
       range is between 8.92 cents to 13.40 cents.

The group's combined operations, EPS and HEPS in ZAR terms for the current reporting period are expected
to be between:

-      HEPS: 42% to 32% lower than the 20.17 cents for the prior reporting period. Therefore the expected
       HEPS range is between 11.65 cents to 13.67 cents.
-      EPS is expected to decrease from 19.81 cents for the prior reporting period, to between (87.02) cents
       to (85.04) cents.

The HEPS and EPS in GBP terms from its continuing operations for the current reporting period are expected
to be between:

-      HEPS: 56% to 46% lower than the 2.24 pence for the prior reporting period. Therefore the expected
       HEPS range is between 0.97 pence to 1.20 pence.
-      EPS: 81% to 71% lower than the 2.60 pence for the prior reporting period. Therefore the expected EPS
       range is between 0.50 pence to 0.76 pence.

The group's combined operations HEPS and EPS in GBP terms for the current reporting period are
expected to be between:

-      HEPS: 43% to 33% lower than the 1.17 pence for the prior reporting period. Therefore the expected
       HEPS range is between 0.67 pence to 0.79 pence.
-      EPS is expected to decrease from 1.14 pence for the prior reporting period, to between (5.21) pence to
       (5.10) pence.

PRODUCTION UPDATE FOR THE 2019 FINANCIAL YEAR

Following the operational updates released during July 2018, Pan African is pleased to provide a production
update and guidance for quarter one of the 2019 financial year ("quarter one"), and further information on
the group's prospects for the remainder of the new financial year.

Barberton Mines Proprietary Limited ("Barberton Mines")

-      Barberton Mines is benefitting from increased underground mining flexibility due to, inter alia, both the
       high-grade 272 and 358 platforms being available at Barberton Mines' Fairview operation. The
     Barberton tailings retreatment plant ("BTRP") is also benefiting from the installation of the regrind mill at
       the end of the 2018 financial year.
-      Barberton Mines is forecast to produce approximately 26,000oz for quarter one, with underground
       mining operations contributing more than 20,500oz, and the BTRP more than 5,000oz. Barberton Mines
       is therefore on track to deliver its annual production guidance of approximately 100,000oz for the 2019
       financial year.
-      Fairview commendably achieved one-million fatality free shifts during July 2018.
-   The conclusion of a three-year wage agreement with the National Union of Mineworkers and the United
    Association of South Africa, which was announced on 7 September 2018, is expected to assist with
    operational stability and productivity at Barberton Mines.
-   As per the announcement of 6 September 2018, phase one and two of the Royal Sheba drilling
    campaign, comprising 20 drill holes, has been completed with excellent results confirming the extension
    of the Sheba orebody to surface. An updated mineral reserve's report on Royal Sheba is expected by
    November 2018, and a definitive feasibility study by February 2019.

Evander Mines

-   The ETRP and surface-source operations are expected to produce approximately 4,000oz the first
    quarter. The ETRP and surface-source production remains on track, despite production being impacted
    by lower-quality surface sources being treated during the quarter.
-   The group is reviewing the merits of mining Evander Mines' 8 Shaft pillar. Further information on this
    initiative will be communicated in the near future.

ELIKHULU COMMISSIONING

-   The Elikhulu Project is progressing according to schedule with all phases of the five-phase technical
    commissioning processes now successfully completed. This commissioning includes the successful
    completion of the "C5" or final contractual certificate dealing with production requirements, in that the
    plant's tonnage throughput was achieved and the dissolved gold content in the final leach tank has been
    met for a continuous period of 72 hours. In line with previous guidance, Elikhulu is expected to produce
    at steady-state from October 2018.
-   The incorporation of the existing ETRP's throughput into Elikhulu's processing capacity, which will result
    in an increased capacity totalling 1.2-million tonnes per month, is in progress as previously
    communicated.


The financial information contained in this announcement has neither been reviewed nor audited by the
company's auditors. The group's audited year-end results for the year ended 30 June 2018 will be released
on 19 September 2018.

For further information on Pan African, please visit the company's website at www.panafricanresources.com


14 September 2018


Contact information

Corporate Office                        Registered Office

The Firs Office Building                Suite 31

2nd Floor, Office 201                   Second Floor

Cnr. Cradock and Biermann Avenues       107 Cheapside

Rosebank, Johannesburg                  London

South Africa                            EC2V 6DN

Office: + 27 (0) 11 243 2900            United Kingdom

Facsimile: + 27 (0) 11 880 1240         Office: + 44 (0) 20 7796 8644

                                        Facsimile: + 44 (0) 20 7796 8645


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                             John Prior / Paul Gillam

St James's Corporate Services Limited   Numis Securities Limited

Company Secretary                       Nominated Adviser and Joint Broker

Office: + 44 (0) 20 7796 8644           Office: +44 (0) 20 7260 1000


Sholto Simpson                          Ross Allister/James Bavister/David McKeown

One Capital                             Peel Hunt LLP

JSE Sponsor                             Joint Broker

Office: + 27 (0) 11 550 5009            Office: +44 (0) 20 7418 8900


Julian Gwillim                          Jeffrey Couch/Neil Haycock/Thomas Rider

Aprio Strategic Communications          BMO Capital Markets Limited

Public & Investor Relations SA          Joint Broker

Office: +27 (0)11 880 0037              Office: +44 (0) 20 7236 1010


Bobby Morse

Buchanan

Public & Investor Relations UK

Office: +44 (0)20 7466 5000

Email: [email protected]

Website: www.panafricanresources.com

Date: 14/09/2018 10:16:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Pan African Resources successfully concludes Barberton Mines wage negotiations

2018/09/07 08:05:00
Pan African Resources successfully concludes Barberton Mines wage negotiations

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985
with registered number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African Resources" or the "Company" or the "Group")


PAN AFRICAN RESOURCES SUCCESSFULLY CONCLUDES BARBERTON MINES
WAGE NEGOTIATIONS


Pan African Resources is pleased to announce that Barberton Mines Proprietary
Limited ("Barberton Mines") has successfully concluded a three-year wage
agreement with the National Union of Mineworkers ("NUM") and the United
Association of South Africa ("UASA") ("the Agreement"). NUM and UASA represent
the majority of employees at Barberton Mines. The Agreement provides for an
average annual wage increase of approximately 6.5% and 5.5% for NUM and UASA
members, respectively, over the three years. The negotiations were successfully
concluded with no industrial action or work stoppages.

For further information on Pan African Resources, please visit the Company's
website at www.panafricanresources.com


7 September 2018


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
Facsimile: + 27 (0) 11 880 1240        Office:   + 44 (0) 207 796 8644
                                       Facsimile: + 44 (0) 207 796 8645

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                      John Prior / Paul Gillam
St James's Corporate Services          Numis Securities Limited
Limited                                Nominated Adviser and Joint Broker
Company Secretary                      Office: +44 (0) 20 7260 1000
Office: + 44 (0) 207 796 8644

Sholto Simpson                         Ross Allister/James Bavister/David
One Capital                            McKeown
JSE Sponsor                            Peel Hunt LLP
Office: + 27 (0) 11 550 5009           Joint Broker
                                       Office: +44 (0) 207 418 8900

Julian Gwillim                         Jeffrey Couch/Neil Haycock/Thomas
Aprio Strategic Communications         Rider
Public & Investor Relations SA         BMO Capital Markets Limited
Office: +27 (0)11 880 0037       Joint Broker
                                       Office: +44 (0) 207 236 1010
Bobby Morse
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Email: [email protected]
Website: www.panafricanresources.com

Date: 07/09/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Update on Barberton Mine's Royal Sheba Project ("Royal Sheba")

2018/09/06 08:05:00
Update on Barberton Mine's Royal Sheba Project ("Royal Sheba")

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company" or the "Group")

UPDATE ON BARBERTON MINE'S ROYAL SHEBA PROJECT ("ROYAL SHEBA")

Shareholders are referred to previous announcements pertaining to Royal Sheba, specifically, the
information included in the operational update of 28 March 2018. The Group has continued the Royal
Sheba exploration drilling programme and is now able to provide feedback on the updated Mineral
Resource Estimate ("MRE") and the surface exploration drilling results. The results, thus far, have
exceeded expectations. Salient features of the MRE and drilling results are as follows:


   -   150% increase in Royal Sheba's Mineral Resources from 0.36Moz (2.60Mt at 4.32g/t) to
       0.9Moz (8.56Mt at 3.27g/t);

   -   Near surface resource being 0.35Moz (2.84Mt at 3.81g/t) while the underground resource is
       delineated at 0.55Moz (5.72Mt at 3.0g/t);

   -   The near surface resource of 0.35Moz conducive to open pit mining;

   -   The Royal Sheba Project's surface drilling programme (Phase 1 and 2 - 1,645m of drilling)
       confirms robust mineralisation extending from the surface along an 850m strike and 150m
       down dip of the Royal Sheba deposit;

   -   Summarised drilling results confirms the mineralisation ranges in a width from 5m to 25m with
       in-situ gold grades ranging between 0.5g/t to 174g/t and averaging 3.27g/t; and

   -   Phase 3 drilling of the Royal Sheba deposit has commenced to test a further 600m strike
       length, within the Sheba Mine's mining right.

The Company has also embarked on an extended exploration programme within Barberton Mines'
mining right at both Sheba and New Consort Mines around historic workings and for potential new
satellite deposits.


       Pan African CEO Cobus Loots commented:

       "The exploration results from the drilling on Royal Sheba have exceeded our expectations,
       reaffirming the grades historically mined at depth. Significantly, the drilling programme has
       indicated the orebody extends to surface, with the potential to establish a new open pit mining
       operation in the short term, transitioning to an underground mining operation only after a
       number of years. In conjunction with the ongoing exploration programme, we will finalise a
       definitive feasibility study, with the view of commencing project development in the near term.
       I am also excited at the prospectivity of our mining lease namely; New Consort and Sheba
       Hills and proving similar near-surface resources from this extended exploration programme.

       Royal Sheba's opencast orebody has the potential to increase production from our flagship
       Barberton operations at a very competitive cost, aligned with our strategic positioning as a low
       cost gold producer. We look forward to working with all stakeholders in advancing this project,
       to the benefit of not only shareholders, but also the Mpumalanga province and the Barberton
       area.
       
       We anticipate updating the market with a further MRE in November 2018 and a definitive
       feasibility study in February 2019."


The history of Barberton Mine's Royal Sheba Project

In 1885, Edwin Bray found gold in the Sheba Hills, which eventually led him to the famous discovery
of the Golden Quarry orebody. This triggered a gold rush that culminated in the establishment of a
number of mines along the Sheba Fault Shear Zone, within the Barberton Mountain area. The Sheba
Fault Shear Zone has been a prolific gold-bearing geological structure, producing numerous gold
deposits and mines within the Pan African stable, notably the existing underground Sheba Mine and,
more recently, the re-emergence of the Royal Sheba Project.

The Royal Sheba orebody was mined underground on a small scale until 1996, producing 3,000
tonnes of ore per month from the central high grade zone of the deposit. A compound shaft was sunk
                                th
in 1964 from surface to the 12 level, approximately 340m below surface, and was used as the main
access to the Royal Sheba orebody. The ore was treated at the Sheba metallurgical plant and found
to be free milling and non-refractory. A total of approximately 280,000 tonnes of ore was mined at a
grade of more than 4g/t, resulting in over 37,000 ounces of gold being produced from this orebody.
Due to the prevailing economic conditions in the 1990's and very constrained underground
infrastructure, mining at the Royal Sheba section was suspended in 1996.


MRE results

Project geology

The Royal Sheba orebody is associated and aligned along the prominent regional shear zone of the
Sheba Fault, within the north-western quadrant of the Archaean aged Barberton Greenstone Belt.
The Sheba Fault juxtaposes the Fig Tree Group's deep marine sediments, namely the greywacke
and banded chert and carbonatised shale in the Ulundi Syncline, adjacent to the shallow marine
sediments of the Moodies Group in the Eureka Syncline.

The mineralisation of the Royal Sheba orebody is encapsulated in a shear envelope of the Sheba
Fault, ranging in width from 5m to 25m. The gold mineralisation occurs predominantly in sulphide
minerals and as native gold. In-situ gold grades range between 0.5g/t to 174g/t averaging 3.27g/t.
The Royal Sheba orebody has a potential strike length of 1,450m and extends down dip to a depth of
600m. The Royal Sheba orebody is open ended along strike and dip.

Mineral Resource

The Company has reviewed the Mineral Resource of the Royal Sheba orebody, focussing on the
geology and mineralisation of the deposit, incorporating a full 3D geological modelling exercise on the
structural, lithological and mineralisation components of the deposit. The combination of the three
components resulted in a robust and fit-for-purpose 3D geological model.

The following new Mineral Resource tabulation has been reported from the 3D geological model and
resource block model, using a 0.5g/t cut-off grade for near surface ore and 1.87g/t for down-dip
extensions.
                                                         Contained gold

                                 Tonnes        Grade           Tonnes    Ounces
 As at 30
                 Category
 June 2018
                                (Million)         (g/t)         (Gold)    (Koz)


                 Measured        1.46           3.88             5.66       182
   Open pit
    Mineral      Indicated       1.38           3.73             5.14       165
   Resource
  (0.5g/t cut-   Inferred        0.00             -              0.00       0.00
      off)
                 Total           2.84           3.81             10.80      347

                 Measured        2.65           2.97             7.87       253
 Underground
    Mineral      Indicated       1.76           2.89             5.08       163
  Resource
 (1.87g/t cut-   Inferred        1.31          3.22             4.20       135
     off)
                 Total           5.72           3.00             17.15      552

 Resources       Total           8.56           3.27             27.96      899


Mineral Resources are reported in accordance with the South African Code for the Reporting of
Exploration Results, Mineral Resources and Mineral Reserves, 2016. Mineral Resources would be
the same if reported according to the guidelines of the Canadian Institute of Mining's National
Instrument 43-101. Cut-off values are calculated at 0.5g/t for open pit and 1.87g/t for underground,
applying a gold price of ZAR 600 000/kg (USD 1 435/oz and ZAR 13.00/1 USD). Mineral Resources
are reported inclusive of Mineral Reserves. All Mineral Resources reported exclude geological
structures. Mineral Resources are reported as in-situ tonnes. Any discrepancies in totals are due to
rounding.

The following tonnage discount factors have been applied to the Mineral Resource:

   -    Geological loss of 5% for the Measured category;
   -    Geological loss of 10% for the Indicated category; and
   -    Geological loss of 15% for the Inferred category.

Additional effects of mining and recovery losses have been considered in the cut-off grade
calculations.

The competent person for the Mineral Resource is Mr Hendrik Pretorius, the Group Project Geologist
of Pan African. Mr Hendrik Pretorius has reviewed and approved the information contained in this
announcement as it pertains to Mineral Resources. Mr Pretorius holds a BSc (Hons) in the field of
geology and a Graduate Diploma in Mining Engineering focussing on mineral resource management.
He has more than 15 years' relevant experience, is registered with the South African Council for
Natural Scientific Professionals (400051/11) and is a member in good standing with the Geological
Society of South Africa.

This sizeable Mineral Resource prompted an in-fill drilling campaign to define any near surface
Mineral Resource to a depth of 100m. The Phase one and two drilling comprised of 20 drillholes on
grid spacing of 50m. The available results (80% of the drilling campaign) of these drillholes are
presented below and do not form part of this Mineral Resource tabulation. An updated Mineral
Resource statement will be released in November 2018.

Exploration

The Company has embarked on a three-phase exploration programme. Phases one and two
comprise 20 drill holes, totalling 1,645m, and is 95% complete. This announcement contains the
results of 80% of the completed drill holes.

A further 15 drill holes, totalling 2,280m, is planned for phase three, which will test the easterly strike
and dip extension of the Royal Sheba deposit.

An exploration team headed by Mr Walter Seymore (Exploration Manager), has been based in
Barberton since May 2018, managing the Royal Sheba surface drilling. A regional exploration
strategy over the Company's mining right lease areas is in place to define new and historic satellite
deposits around the Royal Sheba Project. Several historic satellite deposits have been targeted in the
Sheba Hills namely Golden Quarry, Oriental Quarry, Eureka, Margaret and Sheba West for resource
definition drilling.

In addition to the exploration in the Sheba Hills, the Company is exploring the Jamestown Shear
Zone, within the New Consort mining right for near-surface Mineral Resources. Initial desktop studies
indicate high prospectivity in the Consort Bar and an exploration drilling programme will commence in
November 2018.


Drilling Results

                                                     Full Composite              Significant Intersection
               Intersecti
                             Intersection
               on Depth                         Corrected
 Drillhole                    Depth (m)                           Average                         Average
                  (m)                          Intersected                       Corrected
 Number           Below                              Grade        Intersected        Grade
               Downhol                            Width
                                Collar                          Intersected        Width        Intersected
                   e
                                                                    (g/t)           (m)             (g/t)
                          (m)

 RSPE001           34.75         31.49            11.50             3.38            0.65           19.16

 RSPE002           56.63         51.32             9.89             2.53            3.28            5.10

 RSPE003           24.34         22.06            12.94             0.91            1.36            2.31

 RSPE004           47.32         42.89             6.28             1.36            0.62            5.96

 RSPE005           26.34         23.87            15.59             1.91            0.34            9.96

 RSPE006           35.02         31.74             8.77             1.41             3.5            2.98

 RSPE007           26.73         24.23            14.17             1.38            2.13            5.45

 RSPE008           6.97       6.32            13.60             3.17            1.81           12.79

 RSPE009           69.56         63.04            11.48             6.10            1.73           30.43

 RSPE010           25.54         23.15             8.01             0.63            1.00            2.12

 RSPE011           38.70         35.07             8.33             0.72            1.05            1.83

 RSPE012           24.05         19.70            24.05             1.53            2.42            6.35
 RSPE013                                             Awaiting results

 RSPE014           42.88         35.13             7.83             1.50             3.8            2.51

 RSPE015           60.23         13.55             8.51             0.62             1.6            2.32

 RSPE016                                      Awaiting results

 RSPE017                                             Awaiting results

RSPE018*                                             Awaiting results

RSPE019*           56.96         18.54            18.60             0.47             0.30           4.97

RSPE020*           92.54         67.68             8.84             0.33             1.23    1.71

*Holes drilled to test the westerly extent of the mineralisation. Results indicate zones of economical
grade within the envelope of the shear zone.

The in-fill drilling programme of 1,645m (Phase 1&2) comprising 20 drill holes will complete in
September 2018. The drill hole results presented in the table above confirm robust mineralisation
extending from surface over a strike length in excess of 850m at grades above economic break-even
concentrations (0.5g/t).

Based on these positive drill hole results and the prospectivity of drill holes RSPE 001, 002 and 004,
an additional 15 holes (Phase 3) have been planned to test a further 600m easterly strike extension
within the Sheba Mine's mining right. This drilling will provide data of an indicated Mineral Resource
category.

Next steps

An update to the MRE is expected to be completed by November 2018. This will include all of the
results from the in-fill drilling programme. SRK Consulting Proprietary Limited (South Africa) has been
appointed as the independent third party consultant to review and sign-off on the updated MRE and
tabulation.

Following the update to the MRE, a definitive feasibility study will be undertaken by DRA Global (Pty)
Ltd. and is expected to be completed in February 2019. The Company has proceeded with
metallurgical test-work and geotechnical studies for the Royal Sheba open pit operation in support of
a definitive feasibility study. All regulatory permitting will be pursued during the feasibility study.

The information contained in this announcement has not been reviewed or reported on by Pan
African's auditors and is the responsibility of the directors of Pan African.

Mr Hendrik Pretorius, the Group Project Geologist of Pan African, has reviewed and approved the
information contained in this announcement. Mr Pretorius holds a BSc (Hons) in the field of geology
and a Graduate Diploma in Mining Engineering focussing on mineral resource management. He has
more than 15 years' relevant experience, is registered with the South African Council for Natural
Scientific Professionals (400051/11) and is a member in good standing with the Geological Society of
South Africa.


For further information on Pan African, please visit the Company's website at
www.panafricanresources.com

6 September 2018

Contact information

Corporate Office                        Registered Office
The Firs Office Building                Suite 31
1st Floor, Office 101                   Second Floor
Cnr. Cradock and Biermann Avenues       107 Cheapside
Rosebank, Johannesburg                  London
South Africa                            EC2V 6DN
Office: + 27 (0) 11 243 2900            United Kingdom
Facsimile: + 27 (0) 11 880 1240         Office: + 44 (0) 207 796 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                             John Prior / Paul Gillam
St James's Corporate Services Limited   Numis Securities Limited
Company Secretary                       Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644           Office: +44 (0) 20 7260 1000

Sholto Simpson                          Ross Allister/James Bavister/David McKeown
One Capital                             Peel Hunt LLP
JSE Sponsor                             Joint Broker
Office: + 27 (0) 11 550 5009            Office: +44 (0) 207 418 8900

Julian Gwillim                          Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications          BMO Capital Markets Limited
Public & Investor Relations SA          Joint Broker
Office: +27 (0)11 880 0037              Office: +44 (0) 207 236 1010

Bobby Morse
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Email: [email protected]

Website: www.panafricanresources.com


Glossary of technical terms:


Au                         Chemical symbol for gold

Cut-off Grade              The lowest grade     value   that   is   included   in   a
                           resource statement

Grade                      The proportion of a mineral within a rock or other
                           material. For gold mineralisation this is usually
                           reported as grams of gold per tonne of rock (g/t)

g/t                        Grams per tonne

Indicated Mineral          That part of a mineral resource for which tonnage,
Resource                   densities, shape, physical characteristics, grade
                           and mineral content can be estimated with a
                           reasonable level of confidence. It is based on
                           exploration,   sampling   and  testing   information
                           gathered   through   appropriate   techniques   from
                           locations such as outcrops, trenches, pits, workings
                           and drill holes. The locations are too widely or
                           inappropriately spaced to confirm geological and/or
                           grade continuity but are spaced closely enough for
                           continuity to be assumed

Inferred Mineral           That part of a mineral resource for which tonnage,
Resource                   grade and mineral content can be estimated with a
                           low level of confidence. It is inferred from
                           geological evidence and assumed but not verified
                           geological and/or grade continuity. It is based on
                           information gathered through appropriate techniques
                           from locations such as outcrops, trenches, pits,
                           workings and drill holes that may be limited, or of
                           uncertain quality and reliability

Life of Mine    The time in which, through the       employment of the
                           available   capital,   the  ore     reserves--or    such
                           reasonable   extension   of  the     ore   reserves   as
                           conservative geological analysis      may justify--will
                           be extracted.

M                          Metre

Mineral Resource           A concentration or occurrence of material of
                           economic interest in or on the Earth's crust in such
                           a form, quality, and quantity that there are
                           reasonable and realistic prospects for eventual
                           economic extraction. The location, quantity, grade,
                           continuity and other geological characteristics of a
                           Mineral Resource are known, estimated from specific
                           geological knowledge, or interpreted from a well
                           constrained and portrayed geological model

Measured Resource          That part of a Mineral Resource for which tonnage,
                           densities, shape, physical characteristics, grade
                           and mineral content can be estimated with a high
                           level of confidence. It is based on detailed and
                           reliable   exploration,   sampling    and   testing
                           information gathered through appropriate techniques
                           from locations such as outcrops, trenches, pits,
                           workings and drill holes. The locations are spaced
                           closely enough to confirm geological and grade
                           continuity

Moz                        Million troy ounces

Orebody                    Mining term to define a solid mass of mineralised
                           rock which can be mined profitably under current or
                           immediately foreseeable economic conditions. "Ore" a
                           mineral deposit that can be extracted and marketed
                           profitably

Ore Reserves               The economically mineable part of a Measured or
                           Indicated Mineral Resource demonstrated by at least
                           a Preliminary Feasibility Study. This Study must
                           include adequate information on mining, processing,
                           metallurgical, economic and other relevant factors
                           that demonstrate, at the time of reporting, that
                           economic extraction can be justified. A Mineral
                           Reserve includes diluting materials and allowances
                           for losses that may occur when the material is mined

Ounce / oz                 Troy ounce, equivalent to 31.103477 grams

Probable Mineral           The economically mineable part of an Indicated and,
Reserve                    in some circumstances, a Measured Mineral Resource
                           demonstrated by at least a Preliminary Feasibility
                           Study. This Study must include adequate information
                           on mining, processing, metallurgical, economic, and
                           other relevant factors that demonstrate, at the time
                           of reporting, that economic extraction can be
                           justified

Proven Mineral Reserve     The economically mineable part of a Measured Mineral
                           Resource demonstrated by at least a Preliminary
                           Feasibility Study. This Study must include adequate
                           information on mining, processing, metallurgical,
                           economic,   and    other   relevant   factors   that
                           demonstrate, at the time of reporting, that economic
                           extraction is justified

t                          Tonne (1-million grams)

Date: 06/09/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Elikhulu Tailings Retreatment Plant's inaugural gold pour

2018/08/16 08:05:00
Elikhulu Tailings Retreatment Plant's inaugural gold pour

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company" or the "Group")

ELIKHULU TAILINGS RETREATMENT PLANT'S INAUGURAL GOLD POUR

Pan African is pleased to announce the inaugural gold pour at its Elikhulu tailings retreatment plant
("Elikhulu" or the "Project") on 16 August 2018.

Pan African Resources CEO Cobus Loots commented:

"The completion of Elikhulu's construction and the inaugural gold pour, ahead of schedule and in line
with the Project budget, is a further significant milestone as we deliver into our strategy of repositioning
the Group as a low-cost, long-life gold producer.

Elikhulu is delivering much needed new employment opportunities and is an economic boost for our
local communities and for South Africa's Mpumalanga province.

The professional way in which the Project was executed, delivering into all milestones in a safe and
sustainable manner, again demonstrates our team's ability to conceptualise, plan and complete very
substantial growth projects.

We expect Elikhulu to be a flagship operation within our low-cost, long-life asset base, and we will
continue to focus on improving and expanding our portfolio in a sustainable manner to the benefit of all
stakeholders."

The construction of Elikhulu was completed ahead of schedule and within its R1.74-billion budget. The
Project's commissioning phase is scheduled to be completed in September 2018, with steady-state
production of approximately 55,000oz of gold per annum, at an all-in sustaining production cost of
between US$650/oz and US$700/oz.

As previously announced, the incorporation into Elikhulu of the Evander Tailings Retreatment Plant
("ETRP"), which has a throughput of 200,000 tonnes per month, is on track and scheduled for
completion in December 2018, after which the enlarged Elikhulu plant is forecast to process throughput
of 1.2-million tonnes per month and is expected to produce approximately 70,000oz of gold per annum.

Elikhulu's construction phase employed as many as 1,769 people and will directly employ more than
350 permanent employees and contractors during its operational life of 14 years.

During its construction phase, more than R162 million was paid as preferential procurement to
community contractors for services rendered during this phase of the Project to date.

Over the life of the Project, Elikhulu is expected to produce 674,000oz of gold with a value of
approximately R11.5 billion at a gold price of R550,000/kg, inject R5.3 billion into the South African
economy for sourced goods and services, and contribute an estimated R1.3 billion to the South African
revenue authorities in taxes and royalties.

The information contained in this announcement has not been reviewed or reported on by Pan African's
auditors and is the responsibility of the directors of Pan African.

For further information on Pan African, please visit the Company's website at
www.panafricanresources.com


16 August 2018


Contact information

Corporate Office                        Registered Office
The Firs Office Building                Suite 31
1st Floor, Office 101                   Second Floor
Cnr. Cradock and Biermann Avenues       107 Cheapside
Rosebank, Johannesburg                  London
South Africa                            EC2V 6DN
Office: + 27 (0) 11 243 2900            United Kingdom
Facsimile: + 27 (0) 11 880 1240         Office: + 44 (0) 207 796 8644
                                        Facsimile: + 44 (0) 207 796 8645

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                   John Prior / Paul Gillam
St James's Corporate Services Limited   Numis Securities Limited
Company Secretary                       Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644           Office: +44 (0) 20 7260 1000

Sholto Simpson                          Ross Allister/James Bavister/David McKeown
One Capital                             Peel Hunt LLP
JSE Sponsor                             Joint Broker
Office: + 27 (0) 11 550 5009            Office: +44 (0) 207 418 8900

Julian Gwillim                          Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications          BMO Capital Markets Limited
Public & Investor Relations SA          Joint Broker
Office: +27 (0)11 880 0037              Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Email: [email protected]
Website: www.panafricanresources.com

Date: 16/08/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Operational update

2018/07/12 09:35:00
Operational update

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company" or the "Group")

OPERATIONAL UPDATE

Following the operational updates released in March and May 2018, Pan African is pleased to provide
preliminary production results for the financial year ended 30 June 2018, production guidance for the
2019 financial year and further information on the Group's operations and organic growth projects.

Key highlights are summarised as follows:

    •   Improved safety performance year-on-year with no fatalities (2017: three fatalities).
        Barberton Mines commendably achieved one million fatality free shifts during June 2018.
    •   Group gold production of 160,421oz in the 2018 financial year, ahead of its most recent
        production guidance of 157,000oz - 160,000oz.
             - Barberton Mines produced 90,628oz for the 2018 financial year, within its production
                 guidance of 90,000oz - 91,000oz. During the second half of the financial year,
                 Barberton Mines produced 50,017oz of gold, a 23% increase on its first half production.
             - Evander Mines produced 69,793oz for the 2018 financial year, exceeding its production
                 guidance of 67,000oz - 69,000oz.
    •   Construction of the Elikhulu Tailings Retreatment Plant ("Elikhulu") remains on track and within
        budget for first gold in August 2018, with construction now entering the commissioning phases
        of the project.
    •   The Royal Sheba Project feasibility study at Barberton Mines is expected to conclude during
        September 2018.
    •   Production guidance for the 2019 financial year is approximately 170,000oz, excluding any
        production from Evander's underground operations. With the previous high cost ounces from
        the Evander underground now replaced by production from low cost surface remining
        operations, production costs are also expected to demonstrate a significant improvement.

Pan African Resources CEO Cobus Loots commented:

"The 2018 financial year was extremely challenging for the Group, both financially and operationally.
However, during the past six months, we have successfully addressed key deliverables that were critical
to the future sustainability of Pan African Resources. We are now re-positioned as a lower-cost, long-
life gold miner, consistent with stakeholder expectations."

Group safety

The Group experienced no fatalities in the 2018 financial year (2017: three employees fatally injured).
The Group's lost-time injury frequency rate remained stable at 3.73 (2017: 3.51), while the reportable
injury frequency rate improved materially to 1.08 (2017: 1.53). In terms of safety performances,
significant progress was made over the past year with on-mine safety improvement campaigns
contributing to these results. Further, Barberton Mines achieved its one million fatality free shifts
milestone during June 2018. To ensure continued safety improvements, the Group will be engaging
independent safety experts to review each of the mining operations' safety systems and controls.

Barberton Mines

Barberton Mines produced 90,628oz of gold for the 2018 financial year, comfortably within the
production guidance of 90,000oz - 91,000oz. The operation successfully produced 50,017oz during the
second half of the 2018 financial year, which was an increase of 23% from gold produced during the
first half. Barberton Mines' production performance during the second half of the 2018 financial year
was underpinned by Fairview Mine's 11-block MRC 272 and 358 platforms.

Evander Mines

Evander Mines ceased its underground mining operations and concluded its retrenchment process at
the end of May 2018. Evander Mines produced 69,793oz of gold for the 2018 financial year, above the
production guidance of 67,000oz - 69,000oz.

The Evander Tailings Retreatment Plant ("ETRP") and surface sources produced 19,874oz, marginally
below the production guidance of between 20,000oz - 21,000oz.

Evander Mines' underground mining operation concluded the 2018 financial year with 49,919oz of gold
produced, exceeding the guidance provided of 46,000oz.

Elikhulu construction

As previously communicated, construction at Elikhulu is progressing ahead of schedule with first gold
expected in August 2018. The construction teams are now entering the commissioning phases of the
project, in anticipation of a two month ramp-up period to full production. The Elikhulu project is expected
to produce approximately 55,000oz of gold per annum, at an all-in sustaining production cost of between
US$650/oz and US$700/oz.

The transfer of the ETRP processing capacity into Elikhulu is on track and scheduled for December
2018. Elikhulu, in conjunction with the ETRP, is expected to produce approximately 70,000oz per
annum.

Royal Sheba project

The Royal Sheba orebody at Barberton Mines has the potential to deliver approximately 30,000oz per
annum. The Company mandated DRA Global to undertake a life-of-mine technical feasibility study on
the orebody and the study is expected to be concluded during September 2018.


The information contained in this announcement has not been reviewed or reported on by Pan
African's auditors and is the responsibility of the directors of Pan African.

Certain information contained in this announcement would have constituted inside information (as
defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this announcement.

For further information on Pan African, please visit the Company's website at
www.panafricanresources.com


12 July 2018

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
Facsimile: + 27 (0) 11 880 1240         Office: + 44 (0) 207 796 8644
                                        Facsimile: + 44 (0) 207 796 8645

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                             John Prior / Paul Gillam
St James's Corporate Services Limited   Numis Securities Limited
Company Secretary                       Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644           Office: +44 (0) 20 7260 1000

Sholto Simpson                          Ross Allister/James Bavister/David McKeown
One Capital                             Peel Hunt LLP
JSE Sponsor                             Joint Broker
Office: + 27 (0) 11 550 5009            Office: +44 (0) 207 418 8900

Julian Gwillim                          Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications          BMO Capital Markets Limited
Public & Investor Relations SA          Joint Broker
Office: +27 (0)11 880 0037              Office: +44 (0) 207 236 1010

Bobby Morse
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Email: [email protected]

Website: www.panafricanresources.com

Date: 12/07/2018 09:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Notification of major interest in shares

2018/06/19 11:33:00
TR-1: Notification of major interest in shares

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")


TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES


Pan African received the following notification on Tuesday, 19 June 2018:

1(a). IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO
WHICH VOTING RIGHTS ARE ATTACHED:
Pan African Resources PLC

1(b). Please indicate if the issuer is a non-UK issuer:
UK issuer

2. REASON FOR THE NOTIFICATION:
An acquisition or disposal of voting rights: Yes
An acquisition or disposal of financial instruments: No
An event changing the breakdown of voting rights: No
Other (please specify): No

3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:
Public Investment Corporation SOC Limited

4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.):
N/A

5. DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED:
18 June 2018

6. DATE ON WHICH ISSUER NOTIFIED:
19 June 2018

7. TOTAL POSITIONS OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:

-------------------------------------------------------------------------------------------------------- -------------------------------
                                                           % of voting rights                   % of voting rights through
                                                           attached to shares                   through financial instruments
                                                        (total of 8.A)                       (total 8.B 1 + 8.B 2)
---------------------------------------------------------------------------------------------------------------------------------------
Resulting situation on the
Date on which threshold was
Crossed or reached                                          6.189%                               0%
---------------------------------------------------------------------------------------------------------------------------------------
Position of previous
Notification (if applicable)                                5.108%                               0%
---------------------------------------------------------------------------------------------------------------------------------------


----------------------------------------------------------------------------------------------------------------------------- ----------
                                                           Total of both in %                     Total number of voting rights
                                                           (8.A + 8.B)                            of issuer
---------------------------------------------------------------------------------------------------------------------------------------
Resulting situation on the
Date on which threshold was                                6.189%                                 2 234 687 537
Crossed or reached
----------------------------------------------------------------------------------------------------------------------------- ----------
Position of previous
Notification (if applicable)                               5.108%
---------------------------------------------------------------------------------------------------------------------------------------


8. NOTIFIED DETAILS OF THE RESULTING SITUATION ON THE DATE ON WHICH THE
THRESHOLD WAS CROSSED OR REACHED:

A: VOTING RIGHTS ATTACHED TO SHARES

---------------------------------------------------------------------------------------------------------- -----------------------------
Class/type              Number of voting              Number of voting                    % of voting              % of voting
of shares               rights -                      rights -                             rights                   rights
ISIN code               Direct               Indirect                             Direct                   Indirect
(if possible)
------------------------------------------------------------------------------------------------- --------------------------------------
PAN                     138 311 122                   N/A                                  6.189%                    N/A
 -------------------------------------------------------------------------------------------------------------------- ------------------
SUBTOTAL 8.A                        138 311 122                                                          6.189%
----------------------------------------------------------------------------------------------------------------------------- ---------

B 1: FINANCIAL INSTRUMENTS

----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial               Expiration            Exercise/Conversion              Number of voting                % of
instrument                      date                  Period                           rights that may be              voting
                                               acquired if the                 rights
                                                                                       instrument is
                                                                                       exercised/converted
---------------------------------------------------------------------------------------------------------------------------------------
N/A                             N/A                   N/A                              N/A                             N/A
----------------------------------------------------------------------------------------------------------------------------- ----------


B 2: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT

----------------------------------------------------------------------------------------------------------------------------- ----------
                                   Resulting situation after the triggering transaction
----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial               Expiration            Exercise /            Physical or          Number               % of voting
instrument                      Date                  Conversion            Cash                  of voting            rights
                                                      Period                Settlement            rights
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                             N/A                   N/A                   N/A                   N/A                  N/A
---------------------------------------------------------------------------------------------------------------------------------------


9. INFORMATION IN RELATION TO THE PERSON SUBJECT TO THE NOTIFICATION
OBLIGATION:

---------------------------------------------------------------------------------------------------------------------------------------
Name                            % of voting rights                          % of voting rights               Total of both if it
                                If it equals or is higher                   through financial                equals or is higher
                                than the notifiable                        instruments if it                than the notifiable
                                threshold                                   equals or is higher              threshold
                                                                            than the notifiable
                                                                            threshold
-------------------------------------------------------------------------------------------------------- -------------------------------
  Public Investment               6.189%                                     N/A                             6.189%%
  Corporation SOC
  Limited
----------------------------------------------------------------------------------------------------------------------------- ----------


10. NAME OF THE PROXY HOLDER: N/A

     THE NUMBER AND % OF VOTING RIGHTS HELD: N/A

     THE DATE UNTIL WHICH THE VOTING RIGHTS WILL BE HELD: N/A


11. ADDITIONAL INFORMATION:

     Name: Mduduzi Nsibande
     E-mail: [email protected]
     Tel: +27 12 742 3536



Johannesburg
19 June 2018




Contact information

Corporate Office                                                    Registered Office
The Firs Office Building                                            Suite 31, Second Floor
1st Floor, Office 101                                               107 Cheapside
Cnr. Cradock and Biermann Avenues                                   London
Rosebank, Johannesburg                                              EC2V 6DN
South Africa     United Kingdom
Office: + 27 (0) 11 243 2900                                        Office: + 44 (0) 207 796 8644
Facsimile: + 27 (0) 11 880 1240                                     Facsimile: + 44 (0) 207 796 8645

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                                                         John Prior / Paul Gillam
St James's Corporate Services Limited                               Numis Securities Limited
Company Secretary                               Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                                       Office: +44 (0) 20 7260 1000

Sholto Simpson                                                      Matthew Armitt / Ross Allister
One Capital                                                         Peel Hunt LLP
JSE Sponsor             Joint Broker
Office: + 27 (0) 11 550 5009                                        Office: +44 (0) 207 418 8900

Julian Gwillim                                                      Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                                      BMO Capital Markets Limited
Public & Investor Relations SA                                      Joint Broker
Office: +27 (0)11 880 0037                                          Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000


www.panafricanresources.com

Date: 19/06/2018 11:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Notification of major interest in shares

2018/06/04 12:07:00
TR-1: Notification of major interest in shares

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

Pan African received the following notification on Monday, 4 June 2018:

1(a). IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO
WHICH VOTING RIGHTS ARE ATTACHED:
Pan African Resources PLC

1(b). Please indicate if the issuer is a non-UK issuer:
UK issuer

2. REASON FOR THE NOTIFICATION:
An acquisition or disposal of voting rights: Yes
An acquisition or disposal of financial instruments: No
An event changing the breakdown of voting rights: No
Other (please specify): No

3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:
Coronation Asset Management (Pty) Limited (acting as discretionary investment manager on behalf of
managed portfolios).

4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.):
N/A

5. DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED:
4 June 2018

6. DATE ON WHICH ISSUER NOTIFIED:
4 June 2018

7. TOTAL POSITIONS OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:

---------------------------------------------------------------------------------------------------------------------------------------
                                                           % of voting rights                   % of voting rights through
                                                           attached to shares                   through financial instruments
                                                           (total of 8.A)                       (total 8.B 1 + 8.B 2)
------------------------------------------------------------------------------------------------------------------------------- --------
Resulting situation on the
Date on which threshold was
Crossed or reached                                      7.95%                               0%
----------------------------------------------------------------------------------------------------------------------------- ----------
Position of previous
Notification (if applicable)                                4.03%                               0%
----------------------------------------------------------------------------------------------------------------------------- ----------
------------------------------------------------------------------------------------------- --------------------------------------------
                                                           Total of both in %                   Total number of voting rights
                                                           (8.A + 8.B)                          of issuer
----------------------------------------------------------------------------------------------------------------------------- ----------
Resulting situation on the
Date on which threshold was                                 7.95%                                2 234 687 537
Crossed or reached
----------------------------------------------------------------------------------------------------------------------------- ----------
Position of previous
Notification (if applicable)                                4.03%
----------------------------------------------------------------------------------------------------------------------------- ----------


8. NOTIFIED DETAILS OF THE RESULTING SITUATION ON THE DATE ON WHICH THE
THRESHOLD WAS CROSSED OR REACHED:

A: VOTING RIGHTS ATTACHED TO SHARES

---------------------------------------------------------------------------------------------------------- -----------------------------
Class/type              Number of voting              Number of voting                    % of voting              % of voting
of shares               rights -                      rights -                             rights                   rights
ISIN code               Direct                        Indirect                             Direct                   Indirect
(if possible)
---------------------------------------------------------------------------------------------------------------------------------------
GB0004300496           177 695 812                      N/A                                  7.95%                     N/A
 --------------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL 8.A                        177 695 812                                                          7.95%
----------------------------------------------------------------------------------------------------------------------------- ---------

B 1: FINANCIAL INSTRUMENTS

---------------------------------------------------------------------------------------------------------------------------------------

Type of financial               Expiration            Exercise/Conversion              Number of voting                 % of
instrument                      date                  Period                           rights that may be               voting
                                                                                       acquired if the                  rights
                                                                                       instrument is
                                                                                       exercised/converted
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                              N/A                  N/A                              N/A                              N/A
--------------------------------------------------------------------------------------- ------------------------------------------------


B 2: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT

----------------------------------------------------------------------------------------------------------------------------- ----------
                                   Resulting situation after the triggering transaction
----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial              Expiration            Exercise /            Physical or           Number                % of voting
instrument                      Date                  Conversion            Cash                  of voting             rights
                                                      Period                Settlement            rights
---------------------------------------------------------------------------------------------------------- -----------------------------
N/A                              N/A                  N/A                   N/A                   N/A                   N/A
----------------------------------------------------------------------------------------------------------------------------- ----------
9. INFORMATION IN RELATION TO THE PERSON SUBJECT TO THE NOTIFICATION
OBLIGATION:

Full chain of controlled undertakings through which the voting rights and/or the financial instruments
are effectively held starting with the ultimate controlling natural person or legal entity.

---------------------------------------------------------------------------------------------------------------------------------------
Name                             % of voting rights                         % of voting rights               Total of both if it
                                 If it equals or is higher                  through financial                equals or is higher
                                 than the notifiable                        instruments if it                than the notifiable
                                 threshold                     equals or is higher              threshold
                                                                            than the notifiable
                                                                            threshold
-------------------------------------------------------------------------------------------------------- -------------------------------
  Coronation Asset               7.95%                                      N/A                              7.95%
  Management (Pty)
  Limited
----------------------------------------------------------------------------------------------------------------------------- ----------


10. NAME OF THE PROXY HOLDER: N/A

     THE NUMBER AND % OF VOTING RIGHTS HELD: N/A

     THE DATE UNTIL WHICH THE VOTING RIGHTS WILL BE HELD: N/A


11. ADDITIONAL INFORMATION: N/A



Johannesburg
4 June 2018




Contact information

Corporate Office                                                    Registered Office
The Firs Office Building                                            Suite 31, Second Floor
1st Floor, Office 101                                               107 Cheapside
Cnr. Cradock and Biermann Avenues                           London
Rosebank, Johannesburg                                              EC2V 6DN
South Africa                                                        United Kingdom
Office: + 27 (0) 11 243 2900                                        Office: + 44 (0) 207 796 8644
Facsimile: + 27 (0) 11 880 1240                                     Facsimile: + 44 (0) 207 796 8645

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                   John Prior / Paul Gillam
St James's Corporate Services Limited                               Numis Securities Limited
Company Secretary                                                   Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                                       Office: +44 (0) 20 7260 1000

Sholto Simpson      Matthew Armitt / Ross Allister
One Capital                                                         Peel Hunt LLP
JSE Sponsor                                                         Joint Broker
Office: + 27 (0) 11 550 5009                                        Office: +44 (0) 207 418 8900

Julian Gwillim                                                      Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                                      BMO Capital Markets Limited
Public & Investor Relations SA                                      Joint Broker
Office: +27 (0)11 880 0037                                          Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000


www.panafricanresources.com

Date: 04/06/2018 12:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Disposal of Pan African Resources Shares by PAR Gold Proprietary Limited

2018/05/31 08:05:00
Disposal of Pan African Resources Shares by PAR Gold Proprietary Limited

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African Resources" or the "Company" or the "Group")

DISPOSAL OF PAN AFRICAN RESOURCES SHARES BY PAR GOLD PROPRIETARY LIMITED

Pan African Resources has been notified that PAR Gold Proprietary Limited ("PAR Gold") has
disposed of 130-million shares in Pan African Resources, representing 5.8% of the issued share
capital of the Company, at a price of R1.15 per share, representing a 5.0% discount to the Company's
last closing price of R1.21 on 29 May 2018 (the "Disposal").

Following the Disposal, PAR Gold continues to hold 306.36-million Pan African Resources shares,
representing 13.7% of the issued share capital of the Company. Participants in the private placement
include existing institutional shareholders.

The Pan African Resources shares held by PAR Gold are treated as treasury shares and eliminated
on consolidation for purposes of calculating earnings per share. Following the Disposal, the
Company's number of issued shares is reconciled as follows:

Total issued shares:                                                             2 234 687 537

Less: Shares held by PAR Gold (subsequent to Disposal):                            306 358 058

Shares taken into account for earnings per share calculations going forward:     1 928 329 479

Pan African Resources is an indirect 49.9% shareholder in PAR Gold and, given the economic rights
attached to its shareholding, will receive the majority of the proceeds from this Disposal. The
proceeds, net of costs and capital gains taxes, are approximately R126 million and will be used for
general corporate and liquidity purposes and to fund the expansion of the Elikhulu project's
throughput to 1.2-million tonnes per month.

Following receipt of the proceeds from the Disposal, the Company has, in conjunction with its existing
debt facilities, the necessary resources to meet its operational and immediate growth objectives and
fund its ongoing capital requirements. The Disposal will not impact the Group's black economic
empowerment ("BEE") holdings due to the conclusion of a BEE restructure as previously announced
on 15 December 2017.

Macquarie Advisory and Capital Markets South Africa Proprietary Limited acted as Sole Bookrunner.

The information contained in this announcement has not been reviewed or reported on by Pan African
Resource's auditors and is the responsibility of the directors of Pan African Resources.

For further information on Pan African Resources, please visit the Company's website at
www.panafricanresources.com

31 May 2018
Contact information

Corporate Office                        Registered Office
The Firs Office Building                Suite 31
1st Floor, Office 101                   Second Floor
Cnr. Cradock and Biermann Avenues       107 Cheapside
Rosebank, Johannesburg                  London
South Africa                            EC2V 6DN
Office: + 27 (0) 11 243 2900            United Kingdom
Facsimile: + 27 (0) 11 880 1240         Office: + 44 (0) 207 796 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                             John Prior / Paul Gillam
St James's Corporate Services Limited   Numis Securities Limited
Company Secretary                       Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644           Office: +44 (0) 20 7260 1000

Sholto Simpson                          Ross Allister/James Bavister/David McKeown
One Capital                             Peel Hunt LLP
JSE Sponsor                             Joint Broker
Office: + 27 (0) 11 550 5009            Office: +44 (0) 207 418 8900

Julian Gwillim                          Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications          BMO Capital Markets Limited
Public & Investor Relations SA          Joint Broker
Office: +27 (0)11 880 0037              Office: +44 (0) 207 236 1010

Bobby Morse Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Email: [email protected]
Website: www.panafricanresources.com

Date: 31/05/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Notification of Major Interest in Shares

2018/05/31 08:05:00
TR-1: Notification of Major Interest in Shares

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

Pan African received the following notification on Wednesday, 30 May 2018:

1(a). IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO
WHICH VOTING RIGHTS ARE ATTACHED:
Pan African Resources PLC

1(b). Please indicate if the issuer is a non-UK issuer:
UK issuer

2. REASON FOR THE NOTIFICATION:
An acquisition or disposal of voting rights: Yes
An acquisition or disposal of financial instruments: No
An event changing the breakdown of voting rights: No
Other (please specify): No

3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:
PAR Gold (Proprietary) Limited

4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.):
N/A

5. DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED:
30 May 2018

6. DATE ON WHICH ISSUER NOTIFIED:
30 May 2018

7. TOTAL POSITIONS OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:

-------------------------------------------------------------------------------------------------------- -------------------------------
                                                           % of voting rights                    % of voting rights through
                                                           attached to shares                    through financial instruments
                                            (total of 8.A)                        (total 8.B 1 + 8.B 2)
------------------------------------------------------------------------------------------- --------------------------------------------
Resulting situation on the
Date on which threshold was
Crossed or reached                                         13.71%                                 0%
---------------------------------------------------------------------------------------------------------------------------------------
Position of previous
Notification (if applicable)                               19.53%                                 0%
---------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------- ----------
                                                           Total of both in %                     Total number of voting rights
                                                           (8.A + 8.B)                            of issuer
---------------------------------------------------------------------------------------------------------------------------------------
Resulting situation on the
Date on which threshold was                                13.71%                                  2 234 687 537
Crossed or reached
----------------------------------------------------------------------------------------------------------------------------- ----------
Position of previous
Notification (if applicable)                               19.53%
---------------------------------------------------------------------------------------------------------------------------------------


8. NOTIFIED DETAILS OF THE RESULTING SITUATION ON THE DATE ON WHICH THE
THRESHOLD WAS CROSSED OR REACHED:

A: VOTING RIGHTS ATTACHED TO SHARES

---------------------------------------------------------------------------------------------------------- -----------------------------
Class/type              Number of voting              Number of voting                    % of voting              % of voting
of shares               rights -                      rights -                             rights                   rights
ISIN code               Direct      Indirect                             Direct                   Indirect
(if possible)
ISIN:
GB0004300496
---------------------------------------------------------------------------------------------------------------------------------------
Common Stock
GB 0.1                                                 306 358 058                                                   13.71%
 --------------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL 8.A                        306 358 058                                                        13.71%
----------------------------------------------------------------------------------------------------------------------------- ---------

B 1: FINANCIAL INSTRUMENTS

--------------------------------------------------------------------------------------------------------------------- ------------------

Type of financial               Expiration            Exercise/Conversion              Number of voting                 % of
instrument                      date                  Period                           rights that may be               voting
                                                                       acquired if the                  rights
                                                                                       instrument is
                                                                                       exercised/converted
---------------------------------------------------------------------------------------------------------------------------------------
N/A                             N/A                   N/A                              N/A                              N/A
---------------------------------------------------------------------------------------------------------------------- -----------------


B 2: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT

----------------------------------------------------------------------------------------------------------------------------- ----------
                                   Resulting situation after the triggering transaction
----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial               Expiration            Exercise /            Physical or           Number               % of voting
instrument                      Date                  Conversion            Cash                  of voting            rights
                                                      Period                Settlement            rights
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                             N/A                   N/A                   N/A                   N/A                  N/A
----------------------------------------------------------------------------------------------------------------------------- ----------
9. INFORMATION IN RELATION TO THE PERSON SUBJECT TO THE NOTIFICATION
OBLIGATION:

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.

---------------------------------------------------------------------------------------------------------------------------------------
Name                            % of voting rights           % of voting rights               Total of both if it
                                If it equals or is higher                   through financial                equals or is higher
                                than the notifiable                         instruments if it                than the notifiable
                                threshold                                   equals or is higher              threshold
                                                                            than the notifiable
                                                                            threshold
-------------------------------------------------------------------------------------------------------- -------------------------------
  N/A                           N/A                                    N/A                               N/A
----------------------------------------------------------------------------------------------------------------------------- ----------


10. NAME OF THE PROXY HOLDER: N/A

     THE NUMBER AND % OF VOTING RIGHTS HELD: N/A

     THE DATE UNTIL WHICH THE VOTING RIGHTS WILL BE HELD: N/A


11. ADDITIONAL INFORMATION:

The reasons for the change in holding were as a result of an in specie transfer and a transaction in
the market.

Johannesburg
31 May 2018


Contact information

Corporate Office                                                    Registered Office
The Firs Office Building                                            Suite 31, Second Floor
1st Floor, Office 101                                               107 Cheapside
Cnr. Cradock and Biermann Avenues                                   London
Rosebank, Johannesburg                                              EC2V 6DN
South Africa                                                        United Kingdom
Office: + 27 (0) 11 243 2900                                        Office: + 44 (0) 207 796 8644
Facsimile: + 27 (0) 11 880 1240

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                                                         John Prior / Paul Gillam
St James's Corporate Services Limited                               Numis Securities Limited
Company Secretary                                                   Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                                       Office: +44 (0) 20 7260 1000

Sholto Simpson                                                      Matthew Armitt / Ross Allister
One Capital                                                         Peel Hunt LLP
JSE Sponsor                                                         Joint Broker
Office: + 27 (0) 11 550 5009                                        Office: +44 (0) 207 418 8900

Julian Gwillim                                                      Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                                      BMO Capital Markets Limited
Public & Investor Relations SA                                      Joint Broker
Office: +27 (0)11 880 0037                                          Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000


www.panafricanresources.com

Date: 31/05/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Update on operations and BTRP mill commissioning

2018/05/24 10:08:00
Update on operations and BTRP mill commissioning

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African Resources" or the "Company" or the "Group")

UPDATE ON OPERATIONS AND BTRP MILL COMMISSIONING

Further to the announcement published on 2 May 2018 in respect of the finalisation of Evander Gold
Mining Proprietary Limited ("Evander Mines" or "Evander") restructure and operational update,
Pan African Resources advises shareholders as follows:

    •   The commissioning of the Barberton Mines Tailings Retreatment Plant ("BTRP") regrind mill
        will be completed during the current week, on schedule and on budget. The BTRP is expected
        to reach annualised gold production of 21,000 ounces in the next month, in line with previous
        guidance.
    •   The Group has signed a retrenchment agreement with representative unions at Evander Mines,
        which governs the final terms of the retrenchment. The retrenchment process will therefore be
        completed as previously communicated, with several programmes implemented by Evander to
        assist retrenched employees.
    •   The Elikhulu project construction ("Elikhulu") remains ahead of schedule and below budget.

BTRP MILL COMMISSIONING

The construction of the regrind mill at the BTRP is complete and the commissioning process has
commenced and will be completed in the next week. The mill enables the BTRP to sustain the annual
production at approximately 21,000 ounces per annum. The construction of the regrind mill took five
months and was completed on budget. The regrind mill was installed to reduce the coarseness of the
material treated from the Harper Dump and will improve material handling and recoveries going forward.

The 1.7 megawatt, 4.3 metre by 4.9 metre, Veecor regrind mill was constructed in record time by
Barberton Mines, with New Concept Projects as the main subcontractor to DRA Global, which was
responsible for the mill refurbishment and installation.

FINALISATION OF THE EVANDER MINES SECTION 189 PROCESS

Pan African Resources has concluded the Section 189 process in terms of the South African Labour
Relations Act, 66 of 1995 ("Section 189 Process") and signed a retrenchment agreement with the
recognised unions of Evander Mines. The retrenchment cost will be approximately R160 million and will
be funded from the Group's existing debt facilities and internal resources.

As previously communicated, the retrenched employees will be provided with opportunities for reskilling
and the Group is in the process of identifying employment opportunities for retrenched employees, both
internally and with potential external employers.

Separately, the Group is at an advanced stage of reviewing the technical and commercial merits of
mining the remainder of Evander's 8 shaft pillar. This may extend the final closure date of the shaft,
generate positive cash flows and assist with further employment opportunities for those affected by the
Section 189 Process. Further information on the findings of the Evander 8 shaft pillar initiative will be
communicated to shareholders in the near future.

UPDATE ON ELIKHULU CONSTRUCTION

The construction of Elikhulu remains ahead of schedule, with first gold production expected in August
2018, and full commissioning at the end of September 2018. Elikhulu's capacity will be increased by
200,000 tonnes to 1.2-million tonnes per month with effect from December 2018, by incorporating the
existing Evander Tailing Retreatment Plant ("ETRP") throughput with the associated economies of scale
and enhanced recovery benefits. The increase in processing capacity will not affect the original
construction schedule or first gold production expectations. In conjunction with the ETRP throughput,
these two surface operations, once in full production, are expected to produce more than 70,000 ounces
per annum.

Pan African's Barberton and surface tailings operations uniquely positions the Group as a relatively low-
cost producer with long-life, quality assets and attractive organic growth prospects.

The information contained in this announcement has not been reviewed or reported on by Pan African
Resource's auditors and is the responsibility of the directors of Pan African Resources.

For further information on Pan African Resources, please visit the Company's website at
www.panafricanresources.com


24 May 2018


 Contact information

Corporate Office                                     Registered Office
The Firs Office Building                             Suite 31
1st Floor, Office 101                                Second Floor
Cnr. Cradock and Biermann Avenues                    107 Cheapside
Rosebank, Johannesburg                               London
South Africa                                         EC2V 6DN
Office: + 27 (0) 11 243 2900                         United Kingdom
Facsimile: + 27 (0) 11 880 1240                      Office: + 44 (0) 207 796 8644
                                                     Facsimile: + 44 (0) 207 796 8645
 
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                                          John Prior / Paul Gillam
St James's Corporate Services Limited                Numis Securities Limited
Company Secretary                                    Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                        Office: +44 (0) 20 7260 1000

Sholto Simpson                                       Ross Allister/James Bavister/David McKeown
One Capital                                          Peel Hunt LLP
JSE Sponsor                                          Joint Broker
Office: + 27 (0) 11 550 5009                         Office: +44 (0) 207 418 8900

Julian Gwillim                                       Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                       BMO Capital Markets Limited
Public & Investor Relations SA                       Joint Broker
Office: +27 (0)11 880 0037                           Office: +44 (0) 207 236 1010

Bobby Morse
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Email: [email protected]
Website: www.panafricanresources.com

Date: 24/05/2018 10:03:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Notification of major interest In shares

2018/05/23 11:22:00
TR-1: Notification of major interest In shares

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

Pan African received the following notification on Wednesday, 23 May 2018:

1(a). IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO
WHICH VOTING RIGHTS ARE ATTACHED:
Pan African Resources PLC

1(b). Please indicate if the issuer is a non-UK issuer:
UK issuer

2. REASON FOR THE NOTIFICATION:
An acquisition or disposal of voting rights: Yes
An acquisition or disposal of financial instruments: No
An event changing the breakdown of voting rights: No
Other (please specify): No

3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:
Coronation Asset Management (Pty) Limited (acting as discretionary investment manager on behalf of
managed portfolios).

4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.):
N/A

5. DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED:
23 May 2018

6. DATE ON WHICH ISSUER NOTIFIED:
23 May 2018

7. TOTAL POSITIONS OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:

---------------------------------------------------------------------------------------------------------------------------------------
                                                           % of voting rights                   % of voting rights through
    attached to shares                   through financial instruments
                                                           (total of 8.A)                       (total 8.B 1 + 8.B 2)
------------------------------------------------------------------------------------------------------------------------------- --------
Resulting situation on the
Date on which threshold was
Crossed or reached                                         4.03%                               0%
----------------------------------------------------------------------------------------------------------------------------- ----------
Position of previous
Notification (if applicable)                               3.00%                                0%
----------------------------------------------------------------------------------------------------------------------------- ----------

------------------------------------------------------------------------------------------- --------------------------------------------
                                                           Total of both in %                     Total number of voting rights
                                                           (8.A + 8.B)                            of issuer
----------------------------------------------------------------------------------------------------------------------------- ----------
Resulting situation on the
Date on which threshold was                               4.03%                                    2 234 687 537
Crossed or reached
----------------------------------------------------------------------------------------------------------------------------- ----------
Position of previous
Notification (if applicable)                               3.00%
----------------------------------------------------------------------------------------------------------------------------- ----------


8. NOTIFIED DETAILS OF THE RESULTING SITUATION ON THE DATE ON WHICH THE
THRESHOLD WAS CROSSED OR REACHED:

A: VOTING RIGHTS ATTACHED TO SHARES

---------------------------------------------------------------------------------------------------------- -----------------------------
Class/type              Number of voting              Number of voting                    % of voting              % of voting
of shares               rights -                      rights -     rights                   rights
ISIN code               Direct                        Indirect                             Direct                   Indirect
(if possible)
---------------------------------------------------------------------------------------------------------------------------------------
GB0004300496 90 006 351                               N/A                                  4.03%                     N/A
 --------------------------------------------------------------------------------------------------------------------------------------

SUBTOTAL 8.A                        90 006 351                                                         4.03%
----------------------------------------------------------------------------------------------------------------------------- ---------

B 1: FINANCIAL INSTRUMENTS

---------------------------------------------------------------------------------------------------------------------------------------

Type of financial               Expiration            Exercise/Conversion              Number of voting                 % of
instrument                      date                  Period                           rights that may be               voting
                                                                                       acquired if the                  rights
                                                                                       instrument is
                                                                                       exercised/converted
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                             N/A                   N/A                              N/A                              N/A
--------------------------------------------------------------------------------------- ------------------------------------------------


B 2: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT

----------------------------------------------------------------------------------------------------------------------------- ----------
                                   Resulting situation after the triggering transaction
----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial               Expiration            Exercise /            Physical or           Number                % of voting
instrument                      Date                  Conversion            Cash                  of voting             rights
                                                      Period                Settlement            rights
---------------------------------------------------------------------------------------------------------- -----------------------------
N/A                             N/A                   N/A                   N/A                   N/A                   N/A
----------------------------------------------------------------------------------------------------------------------------- ----------

9. INFORMATION IN RELATION TO THE PERSON SUBJECT TO THE NOTIFICATION
OBLIGATION:

Full chain of controlled undertakings through which the voting rights and/or the financial instruments
are effectively held starting with the ultimate controlling natural person or legal entity.

---------------------------------------------------------------------------------------------------------------------------------------
Name                            % of voting rights                          % of voting rights               Total of both if it
                                If it equals or is higher                   through financial                equals or is higher
                                than the notifiable                         instruments if it                than the notifiable
                                threshold                            equals or is higher              threshold
                                                                            than the notifiable
                                                                            threshold
-------------------------------------------------------------------------------------------------------- -------------------------------
  Coronation Asset                4.03%                                      N/A                             4.03%
  Management (Pty)
  Limited
----------------------------------------------------------------------------------------------------------------------------- ----------


10. NAME OF THE PROXY HOLDER: N/A

     THE NUMBER AND % OF VOTING RIGHTS HELD: N/A

     THE DATE UNTIL WHICH THE VOTING RIGHTS WILL BE HELD: N/A


11. ADDITIONAL INFORMATION: N/A



Johannesburg
23 May 2018


Contact information

Corporate Office                                                    Registered Office
The Firs Office Building                                            Suite 31, Second Floor
1st Floor, Office 101                                               107 Cheapside
Cnr. Cradock and Biermann Avenues                                London
Rosebank, Johannesburg                                              EC2V 6DN
South Africa                                                        United Kingdom
Office: + 27 (0) 11 243 2900                                        Office: + 44 (0) 207 796 8644
Facsimile: + 27 (0) 11 880 1240                                     Facsimile: + 44 (0) 207 796 8645

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                        John Prior / Paul Gillam
St James's Corporate Services Limited                               Numis Securities Limited
Company Secretary                                                   Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                                       Office: +44 (0) 20 7260 1000

Sholto Simpson           Matthew Armitt / Ross Allister
One Capital                                                         Peel Hunt LLP
JSE Sponsor                                                         Joint Broker
Office: + 27 (0) 11 550 5009                                        Office: +44 (0) 207 418 8900

Julian Gwillim                                                      Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                                       BMO Capital Markets Limited
Public & Investor Relations SA                                      Joint Broker
Office: +27 (0)11 880 0037                                          Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000


www.panafricanresources.com

Date: 23/05/2018 11:18:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: notification of major interest in shares

2018/05/17 14:21:00
TR-1: notification of major interest in shares

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

Pan African received the following notification on Thursday, 17 May 2018:

1(a). IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO
WHICH VOTING RIGHTS ARE ATTACHED:
Pan African Resources PLC

1(b). Please indicate if the issuer is a non-UK issuer:
UK issuer

2. REASON FOR THE NOTIFICATION:
An acquisition or disposal of voting rights: Yes
An acquisition or disposal of financial instruments: No
An event changing the breakdown of voting rights: No
Other (please specify): No

3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:
Public Investment Corporation SOC Limited

4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.):
N/A

5. DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED:
17 May 2018

6. DATE ON WHICH ISSUER NOTIFIED:
17 May 2018

7. TOTAL POSITIONS OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:

-------------------------------------------------------------------------------------------------------- -------------------------------
                                                           % of voting rights                   % of voting rights through
                                                           attached to shares                   through financial instruments
                                                    (total of 8.A)                       (total 8.B 1 + 8.B 2)
---------------------------------------------------------------------------------------------------------------------------------------
Resulting situation on the
Date on which threshold was
Crossed or reached                                          5.108%                               0%
---------------------------------------------------------------------------------------------------------------------------------------
Position of previous
Notification (if applicable)                                4.301%                               0%
---------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------- ----------
                                                           Total of both in %                     Total number of voting rights
                                                           (8.A + 8.B)                            of issuer
---------------------------------------------------------------------------------------------------------------------------------------
Resulting situation on the
Date on which threshold was                                 5.108%                                2 234 687 537
Crossed or reached
----------------------------------------------------------------------------------------------------------------------------- ----------
Position of previous
Notification (if applicable)                                4.301%
-------------------------------------------------------------------------------------------------------------------------------------- -


8. NOTIFIED DETAILS OF THE RESULTING SITUATION ON THE DATE ON WHICH THE
THRESHOLD WAS CROSSED OR REACHED:

A: VOTING RIGHTS ATTACHED TO SHARES

---------------------------------------------------------------------------------------------------------- -----------------------------
Class/type              Number of voting              Number of voting                    % of voting              % of voting
of shares               rights -                      rights -                             rights                   rights
                        Direct           Indirect                             Direct                   Indirect
-------------------------------------------------------------------------------------------------------------- -------------------------
PAN                     114 138 150                   N/A                                  5.108%                   N/A
 ----------------------------------------------------------------------------------------------------------------------------- ---------
SUBTOTAL 8.A                        114 138 150                                                          5.108%
----------------------------------------------------------------------------------------------------------------------------- ---------

B 1: FINANCIAL INSTRUMENTS

----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial               Expiration            Exercise/Conversion              Number of voting                % of
instrument                      date                  Period                           rights that may be              voting
                            acquired if the                 rights
                                                                                       instrument is
                                                                                       exercised/converted
---------------------------------------------------------------------------------------------------------------------------------------
N/A                              N/A                  N/A                              N/A                             N/A
----------------------------------------------------------------------------------------------------------------------------- ----------


B 2: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT

----------------------------------------------------------------------------------------------------------------------------- ----------
                                   Resulting situation after the triggering transaction
-------------------------------------------------------------------------------------------------------------------------------- -------

Type of financial               Expiration            Exercise /            Physical or           Number            % of voting
instrument                      Date                  Conversion            Cash                  of voting            rights
                                                      Period                Settlement            rights
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                         N/A                  N/A                   N/A                   N/A                  N/A
---------------------------------------------------------------------------------------------------------------------------------------

9. INFORMATION IN RELATION TO THE PERSON SUBJECT TO THE NOTIFICATION
OBLIGATION:

---------------------------------------------------------------------------------------------------------------------------------------
Name                             % of voting rights                         % of voting rights               Total of both if it
                                 If it equals or is higher                  through financial                equals or is higher
                                 than the notifiable    instruments if it                than the notifiable
                                 threshold                                  equals or is higher              threshold
                                                                            than the notifiable
                                                                            threshold
-------------------------------------------------------------------------------------------------------- -------------------------------
  Public Investment               5.108%                                     N/A                             5.108%
  Corporation SOC
  Limited
----------------------------------------------------------------------------------------------------------------------------- ----------


10. NAME OF THE PROXY HOLDER: N/A

     THE NUMBER AND % OF VOTING RIGHTS HELD: N/A

     THE DATE UNTIL WHICH THE VOTING RIGHTS WILL BE HELD: N/A


11. ADDITIONAL INFORMATION

     Name: Devilliers Makonko

     E-mail: [email protected]

     Tel: +27 12 742 3578


Johannesburg
17 May 2018




Contact information

Corporate Office                                                    Registered Office
The Firs Office Building                                            Suite 31, Second Floor
1st Floor, Office 101                                               107 Cheapside
Cnr. Cradock and Biermann Avenues                                   London
Rosebank, Johannesburg                                              EC2V 6DN
South Africa                                                        United Kingdom
Office: + 27 (0) 11 243 2900                                        Office: + 44 (0) 207 796 8644
Facsimile: + 27 (0) 11 880 1240                                     Facsimile: + 44 (0) 207 796 8645

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                                                         John Prior / Paul Gillam
St James's Corporate Services Limited                               Numis Securities Limited
Company Secretary             Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                                       Office: +44 (0) 20 7260 1000

Sholto Simpson                                                      Matthew Armitt / Ross Allister
One Capital                                                         Peel Hunt LLP
JSE Sponsor                                                         Joint Broker
Office: + 27 (0) 11 550 5009                                        Office: +44 (0) 207 418 8900

Julian Gwillim                                                      Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                                      BMO Capital Markets Limited
Public & Investor Relations SA                                      Joint Broker
Office: +27 (0)11 880 0037                                          Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000


www.panafricanresources.com

Date: 17/05/2018 02:16:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Finalisation of Evander Mines restructure and operational update

2018/05/02 16:04:00
Finalisation of Evander Mines restructure and operational update

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African Resources" or the "Company" or the "Group")

FINALISATION OF EVANDER MINES RESTRUCTURE AND OPERATIONAL UPDATE

Further to the operational update released on 28 March 2018, Pan African Resources advises
shareholders of the conclusion of the Evander Gold Mining Proprietary Limited ("Evander Mines" or
"Evander") section 189 of the South African Labour Relations Act, 66 of 1995, process ("Section 189
Process") and progress made on the Group's operations and growth projects.

FINALISATION OF THE EVANDER MINES SECTION 189 PROCESS

Pan African Resources has concluded the consultation process with the relevant Evander Mines'
stakeholders as determined by the Section 189 Process, under the auspices of the South African
Committee for Conciliation, Mediation and Arbitration. The Section 189 Process was initiated following
continued operational losses, which have been exacerbated by the prevailing weak rand gold price. An
internal and external review of the existing Evander 8 Shaft underground operation concluded that there
is no realistic prospect of mining on a sustainable and profitable basis from this operation in the current
weak rand gold price environment. The outcome of this process is regrettably that the current
underground mining at Evander 8 Shaft will cease and the affected employees will be retrenched.

The cessation of the existing underground operations at Evander Mines will result in approximately
1,700 employees being retrenched by the end of May 2018, at a cost of approximately R160 million that
will be funded from the Group's existing debt facilities.

To ensure that the Group has adequate working capital and continuation of funding for operations and
growth projects, Pan African Resources is also in the process of finalising an additional standby facility
of approximately R100 million.

Retrenched employees will be provided with opportunities for reskilling and the Group is in the process
of identifying employment opportunities for retrenched employees in new, lower-cost operations at
Evander, such as the new Elikhulu Tailings Retreatment Plant ("Elikhulu"), and also in post-closure
environmental rehabilitation works. The Evander rehabilitation provision is fully funded by means of a
R311 million rehabilitation trust and these funds will be used to fund Evander's underground closure
costs and associated rehabilitation.

The impact of the cessation of underground mining at Evander's 8 Shaft is the following:

    -   The Group is reviewing the merits of mining the Evander 8 Shaft pillar, which may extend the
        final closure date of the shaft, generate positive cash flows and assist with further employment
        opportunities for those affected by the Section 189 Process. Further information on this initiative
        will be communicated in the near future;
    -   The Group will continue to assess the technical and economic merits of its Egoli underground
        project at Evander's 7 Shaft and is in the process of updating the feasibility study on a project
        stand-alone basis, post cessation of the underground operations at Evander 8 Shaft;
    -   The Evander Mines' Kinross metallurgical plant, which houses the run-of-mine and Evander
        Tailing Retreatment Plant ("ETRP") circuits, will continue to operate until material from surface
        sources, tolling and underground mining operations tonnages have been exhausted or become
        uneconomical; and
    -   In order for the current ETRP throughput to benefit from the Elikhulu economies of scale and
        improved recoveries, Elikhulu's capacity will be increased by 200,000 tonnes per month with
        effect from December 2018 to incorporate the existing ETRP through-put. The additional
        construction associated with this increased capacity of the Elikhulu plant will not delay the initial
        gold production in August and the full commissioning in September 2018. The cost of the
        increased processing capacity is R65 million and will be funded from existing debt facilities.

Pan African Resources CEO Cobus Loots commented:

"The decision to cease mining from Evander Mines' underground operations was not taken lightly,
particularly given the socio-economic conditions prevailing in the country and the impact on a large
number of our employees. All South African gold producers have been adversely affected by the recent
strengthening of the rand, and it is imperative that we act decisively to ensure the future of our Group
and stakeholders that rely on our operations. During the past five years, Pan African Resources
invested capital of R1.76 billion in our current mining operations in South Africa plus a further
R1.74 billion which is being invested in our Elikhulu growth project. Pan African Resources remains
highly committed to investing in our assets in South Africa and building a long term, sustainable platform
for growth. The Elikhulu project has created approximately 250 new employment opportunities and we
are confident that the Group's future growth projects will create further long term employment
opportunities. Post the cessation of Evander's current underground mining operations, the balance of
the Group's production ounces will be low cost and cash flow positive, which will ensure the
sustainability and profitability of the Group in the prevailing low rand gold price environment".

OPERATIONAL UPDATE

As previously communicated, Pan African Resources' strategy is to prioritise lower cost, high margin
ounces both in its current operations and also in its future growth projects. The cessation of the current
underground mining operations at Evander will cease production from all loss making ounces generated
by the Group, resulting in improved positive cash flow and profitability from the Group's remaining
operations. These operations are summarised as follows:

    -    Barberton Mines is expected to produce 50,000oz of gold in the second half of the 2018
         financial year, which is an increase of 23% relative to the first half year's production. The
         improved gold production is primarily as a result of improved production sequencing of the high
         grade 272 and 358 platforms at Barberton's Fairview mine;
    -    The construction of the regrind mill at the Barberton Tailings Retreatment Plant ("BTRP")
         remains on schedule and on budget, with expected annual production of 21,000oz per annum
         from this operation. The mill is now in the process of commissioning;
    -    Construction of Elikhulu remains ahead of schedule, with first gold production expected in
         August 2018 and full commissioning at the end of September 2018. In conjunction with the
         ETRP through-put, these two surface operations are expected to produce more than 70,000oz
         per annum at an all-in sustaining cost of production of below US$700/oz at the prevailing ZAR/$
         exchange rate.
    -    As previously communicated, the Royal Sheba Project's mineral resource increased to
         0.72moz from 0.36moz following a reassessment of this orebody's geology. Pan African
         Resources has mandated DRA Global to complete a feasibility study during the 2018 calendar
         year on the viability of this project and the market will be updated in due course on the study's
         findings.

IMPACT OF CESSATION OF EVANDER'S UNDERGROUND PRODUCTION ON GROUP CASH
FLOWS AND PRODUCTION GUIDANCE

The Group's net cash flows before finance costs and taxation (defined as earnings before depreciation,
interest and taxation less capital expenditure) for the past 4.5 years has been summarised in a table
below to illustrate the various operation's profitability and sustainability.

                                31 Dec ‘17    30 June ‘17   30 June ‘16   30 June ‘15    30 June ‘14
 Group net cash per operation                                                                           Total
                                6 months      12 months     12 months     12 months      12 months
 Evander underground                 (70.7)       (556.2)          50.5       (110.7)           (3.0)      (690.1)
 ETRP                                 54.7          276.4         153.3        (80.1)*        (79.2)*       325.1
 Barberton underground                13.0          241.5         290.8         192.5          310.6      1,048.4
 BTRP                                 38.3          241.2         299.3       200.4          152.4        931.6
 Total                                35.3          202.9         793.9         202.1          380.8      1,615.0

*Includes the ETRP construction capital expenditure incurred during 2015/2014 financial years.

The Evander Mines' underground operational cash outflow of R690.1 million over the past 4.5 years
demonstrates the adverse impact that this high cost mining operation had on the Group's cash flow
generation during this period.

The Group previously guided production of 177,000oz -181,000oz of gold for the 2018 financial year.
The cessation of underground mining at Evander Mines' 8 Shaft will adversely impact gold production
for the year, however Barberton Mines and the surface operations at Evander, which are the Group's
primary cash generative units, are performing consistent with prior guidance. The revised production
guidance for the 2018 financial year is expected to be between 156,000oz and 158,000oz broken down
as follows:

     -    Evander Mines' annual gold production is expected to be approximately 46,000oz compared to
          the initial target of 67,000oz to 69,000oz;
     -    ETRP remains on target to produce between 20,000oz - 21,000oz; and
     -    Barberton Mines (including the BTRP) remains on target to produce between 90,000oz -
          91,000oz.


The information contained in this announcement has not been reviewed or reported on by Pan African
Resource's auditors and is the responsibility of the Directors of Pan African Resources.

For further information on Pan African Resources, please visit the Company's website at
www.panafricanresources.com


2 May 2018


Contact information

Corporate Office                                                 Registered Office
The Firs Office Building                                         Suite 31
1st Floor, Office 101                                            Second Floor
Cnr. Cradock and Biermann Avenues                                107 Cheapside
Rosebank, Johannesburg                                           London
South Africa                                                     EC2V 6DN
Office: + 27 (0) 11 243 2900                                     United Kingdom
Facsimile: + 27 (0) 11 880 1240                                  Office: + 44 (0) 207 796 8644
                                                                  Facsimile: + 44 (0) 207 796 8645

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                           John Prior / Paul Gillam
St James's Corporate Services Limited                            Numis Securities Limited
Company Secretary                                                Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                                    Office: +44 (0) 20 7260 1000
 
Sholto Simpson                                                   Ross Allister/James Bavister/David McKeown
One Capital                                                      Peel Hunt LLP
JSE Sponsor                                                      Joint Broker
Office: + 27 (0) 11 550 5009                                     Office: +44 (0) 207 418 8900

Julian Gwillim                                                   Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                                   BMO Capital Markets Limited
Public & Investor Relations SA                                   Joint Broker
Office: +27 (0)11 880 0037                                       Office: +44 (0) 207 236 1010

Bobby Morse
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Email: [email protected]
Website: www.panafricanresources.com

Date: 02/05/2018 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Notification of major interest in shares

2018/04/26 13:05:00
TR-1: Notification of major interest in shares

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

Pan African received the following notification on Thursday, 26 April 2018:

1(a). IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO
WHICH VOTING RIGHTS ARE ATTACHED:
Pan African Resources PLC

1(b). Please indicate if the issuer is a non-UK issuer:
UK issuer

2. REASON FOR THE NOTIFICATION:
An acquisition or disposal of voting rights: Yes
An acquisition or disposal of financial instruments: No
An event changing the breakdown of voting rights: No
Other (please specify): No

3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:
Public Investment Corporation SOC Limited

4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.):
N/A

5. DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED:
24 April 2018

6. DATE ON WHICH ISSUER NOTIFIED:
26 April 2018

7. TOTAL POSITIONS OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:

-------------------------------------------------------------------------------------------------------- -------------------------------
                                                           % of voting rights                   % of voting rights through
                                                           attached to shares                   through financial instruments
                                                          (total of 8.A)                       (total 8.B 1 + 8.B 2)
---------------------------------------------------------------------------------------------------------------------------------------
Resulting situation on the
Date on which threshold was
Crossed or reached                                          4.301%    0%
---------------------------------------------------------------------------------------------------------------------------------------
Position of previous
Notification (if applicable)                               3.848%                               0%
---------------------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------- ----------
                                                           Total of both in %                     Total number of voting rights
                                                           (8.A + 8.B)                            of issuer
----------------------------------------------------------------------------------------------------------------------------- ----------
Resulting situation on the
Date on which threshold was                               4.301%                                  2 234 687 537
Crossed or reached
----------------------------------------------------------------------------------------------------------------------------- ----------
Position of previous
Notification (if applicable)                               3.848%
----------------------------------------------------------------------------------------------------------------------------- ----------

8. NOTIFIED DETAILS OF THE RESULTING SITUATION ON THE DATE ON WHICH THE
THRESHOLD WAS CROSSED OR REACHED:

A: VOTING RIGHTS ATTACHED TO SHARES

---------------------------------------------------------------------------------------------------------- -----------------------------
Class/type              Number of voting              Number of voting                     % of voting             % of voting
of shares               rights -                      rights -                              rights                  rights
                        Direct               Indirect                              Direct                  Indirect
------------------------------------------------------------------------------------ ---------------------------------------------------
PAN                    96 107 711                     N/A                                   4.301%                   N/A
 --------------------------------------------------------------------------------------------------------- -----------------------------
SUBTOTAL 8.A                        96 107 711                                                          4.301%
----------------------------------------------------------------------------------------------------------------------------- ---------

B 1: FINANCIAL INSTRUMENTS

----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial               Expiration            Exercise/Conversion              Number of voting                % of
instrument                      date                  Period                           rights that may be              voting
                                acquired if the                 rights
                                                                                       instrument is
                                                                                       exercised/converted
---------------------------------------------------------------------------------------------------------------------------------------
N/A                             N/A                   N/A                              N/A                             N/A
----------------------------------------------------------------------------------------------------------------------------- ----------


B 2: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT

----------------------------------------------------------------------------------------------------------------------------- ----------
                                   Resulting situation after the triggering transaction
----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial               Expiration            Exercise /            Physical or           Number               % of voting
instrument                      Date                  Conversion            Cash                  of voting            rights
                                                      Period                Settlement            rights
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                            N/A                   N/A                   N/A                   N/A                  N/A
------------------------------------------------------------------------------------------------------------------------------ ---------

9. INFORMATION IN RELATION TO THE PERSON SUBJECT TO THE NOTIFICATION
OBLIGATION:

---------------------------------------------------------------------------------------------------------------------------------------
Name                            % of voting rights                          % of voting rights               Total of both if it
                                If it equals or is higher                   through financial                equals or is higher
                                than the notifiable         instruments if it                than the notifiable
                                threshold                                   equals or is higher              threshold
                                                                            than the notifiable
                                                                            threshold
-------------------------------------------------------------------------------------------------------- -------------------------------
  Public Investment               4.301%                                     N/A                             4.301%
  Corporation SOC
  Limited
----------------------------------------------------------------------------------------------------------------------------- ----------

10. NAME OF THE PROXY HOLDER: N/A

     THE NUMBER AND % OF VOTING RIGHTS HELD: N/A

     THE DATE UNTIL WHICH THE VOTING RIGHTS WILL BE HELD: N/A


11. ADDITIONAL INFORMATION

     Name: Devilliers Makonko

     E-mail: [email protected]

     Tel: +27 12 742 3578


London
26 April 2018


Contact information

Corporate Office                                                    Registered Office
The Firs Office Building                                            Suite 31, Second Floor
1st Floor, Office 101                                               107 Cheapside
Cnr. Cradock and Biermann Avenues                                   London
Rosebank, Johannesburg                                              EC2V 6DN
South Africa                                                        United Kingdom
Office: + 27 (0) 11 243 2900                                        Office: + 44 (0) 207 796 8644
Facsimile: + 27 (0) 11 880 1240                                     Facsimile: + 44 (0) 207 796 8645

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                                                         John Prior / Paul Gillam
St James's Corporate Services Limited                               Numis Securities Limited
Company Secretary           Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                                       Office: +44 (0) 20 7260 1000

Sholto Simpson                                                      Matthew Armitt / Ross Allister
One Capital                                                         Peel Hunt LLP
JSE Sponsor                                                         Joint Broker
Office: + 27 (0) 11 550 5009                                        Office: +44 (0) 207 418 8900

Julian Gwillim                                                      Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                                      BMO Capital Markets Limited
Public & Investor Relations SA                                      Joint Broker
Office: +27 (0)11 880 0037                                          Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000


www.panafricanresources.com

Date: 26/04/2018 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Tr-1: Notification Of Major Interest In Shares

2018/04/12 14:35:00
Tr-1: Notification Of Major Interest In Shares

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

Pan African received the following notification on Thursday, 12 April 2018:

1(a). IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO
WHICH VOTING RIGHTS ARE ATTACHED:
Pan African Resources PLC

1(b). Please indicate if the issuer is a non-UK issuer:
UK issuer

2. REASON FOR THE NOTIFICATION:
An acquisition or disposal of voting rights: Yes
An acquisition or disposal of financial instruments: No
An event changing the breakdown of voting rights: No
Other (please specify): No

3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:
Investec Asset Management Ltd

4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.):
N/A

5. DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED:
11 April 2018

6. DATE ON WHICH ISSUER NOTIFIED:
12 April 2018

7. TOTAL POSITIONS OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:

-------------------------------------------------------------------------------------------------------- -------------------------------
                                                           % of voting rights                     % of voting rights through
                                                           attached to shares                   through financial instruments
                                                   (total of 8.A)                          (total 8.B 1 + 8.B 2)
---------------------------------------------------------------------------------------------------- -----------------------------------
Resulting situation on the
Date on which threshold was
Crossed or reached                                         5.03%       0%
---------------------------------------------------------------------------------------------------------------------------------------
Position of previous
Notification (if applicable)                               4.83%                                     0%
---------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------- ----------
                                                           Total of both in %                     Total number of voting rights
                                                           (8.A + 8.B)                            of issuer
---------------------------------------------------------------------------------------------------------------------------------------
Resulting situation on the
Date on which threshold was                               5.03%                                   2 234 687 537
Crossed or reached
----------------------------------------------------------------------------------------------------------------------------- ----------
Position of previous
Notification (if applicable)                               4.83%
---------------------------------------------------------------------------------------------------------------------------------------


8. NOTIFIED DETAILS OF THE RESULTING SITUATION ON THE DATE ON WHICH THE
THRESHOLD WAS CROSSED OR REACHED:

A: VOTING RIGHTS ATTACHED TO SHARES

---------------------------------------------------------------------------------------------------------- -----------------------------
Class/type              Number of voting              Number of voting                    % of voting              % of voting
 of shares              rights -                      rights -                             rights                   rights
                        Direct                    Indirect                             Direct                   Indirect
---------------------------------------------------------------------------------------------------------------------------- -----------
Common Stock              N/A                         112 485 655                            N/A                     5.03%
GBP 0.1
 ----------------------------------------------------------------------------------------------------------------------------- ---------
SUBTOTAL 8.A                        112 485 655                                                        5.03%
--------------------------------------------------------------------------------------------------------------------------------- -----

B 1: FINANCIAL INSTRUMENTS

----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial               Expiration            Exercise/Conversion              Number of voting                 % of
instrument                      date                  Period                           rights that may be               voting
                                               acquired if the                  rights
                                                                                       instrument is
                                                                                       exercised/converted
----------------------------------------------------------------------------------------------------- ----------------------------------
N/A                              N/A                  N/A                              N/A                              N/A
----------------------------------------------------------------------------------------------------------------------------- ----------


B 2: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT

----------------------------------------------------------------------------------------------------------------------------- ----------
                                   Resulting situation after the triggering transaction
---------------------------------------------------------------------------------------------------------------------------------------

Type of financial               Expiration            Exercise /            Physical or           Number               % of voting
instrument                      Date                  Conversion            Cash                  of voting            rights
                                                      Period                Settlement            rights
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                              N/A                  N/A                   N/A                   N/A                  N/A
---------------------------------------------------------------------------------------------------------------------------------------
9. INFORMATION IN RELATION TO THE PERSON SUBJECT TO THE NOTIFICATION
OBLIGATION:

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

--------------------------------------------------------------------------------------------------------------------- ------------------
Name                             % of voting rights                         % of voting rights               Total of both if it
                                 If it equals or is higher                  through financial                equals or is higher
                                 than the notifiable                        instruments if it                than the notifiable
                                 threshold                                  equals or is higher      threshold
                                                                            than the notifiable
                                                                            threshold
-------------------------------------------------------------------------------------------------------- -------------------------------
  N/A                                             N/A                       N/A                             N/A
---------------------------------------------------------------------------------------------------------------------------------------


10. NAME OF THE PROXY HOLDER: N/A

     THE NUMBER AND % OF VOTING RIGHTS HELD: N/A

     THE DATE UNTIL WHICH THE VOTING RIGHTS WILL BE HELD: N/A

London
12 April 2018




Contact information

Corporate Office                                                    Registered Office
The Firs Office Building                                            Suite 31, Second Floor
1st Floor, Office 101                                               107 Cheapside
Cnr. Cradock and Biermann Avenues                                   London
Rosebank, Johannesburg                                              EC2V 6DN
South Africa                                                        United Kingdom
Office: + 27 (0) 11 243 2900                                        Office: + 44 (0) 207 796 8644
Facsimile: + 27 (0) 11 880 1240                                     Facsimile: + 44 (0) 207 796 8645

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                                                         John Prior / Paul Gillam
St James's Corporate Services Limited                               Numis Securities Limited
Company Secretary                                                   Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                                       Office: +44 (0) 20 7260 1000

Sholto Simpson                                                      Matthew Armitt / Ross Allister
One Capital                                                         Peel Hunt LLP
JSE Sponsor                                                         Joint Broker
Office: + 27 (0) 11 550 5009                                        Office: +44 (0) 207 418 8900
Julian Gwillim                   Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications   BMO Capital Markets Limited
Public & Investor Relations SA   Joint Broker
Office: +27 (0)11 880 0037     Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000


www.panafricanresources.com

Date: 12/04/2018 02:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Further Operational Update and Significant Increase in Barberton's Royal Sheba Gold Resource

2018/03/28 08:04:00
Further Operational Update and Significant Increase in Barberton's Royal Sheba Gold Resource

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company" or the "Group")

FURTHER OPERATIONAL UPDATE AND SIGNIFICANT INCREASE IN BARBERTON'S ROYAL SHEBA GOLD RESOURCE

Following the operational update released on 2 March 2018, Pan African is pleased to provide further
information on the Group's operations and growth projects. Key points can be summarised as
follows:

    -   Barberton Mines is on track to produce approximately 50,000oz of gold in the second half of
        the 2018 financial year, an increase of approximately 23% from the first half of the 2018
        financial year;
    -   installation of the regrind mill at the Barberton Tailings Retreatment Plant ("BTRP") remains
        on schedule and on budget;
    -   construction of the Elikhulu Tailings Retreatment Plant ("Elikhulu") remains ahead of
        schedule, with first gold production expected in August 2018;
    -   feasibility study completed which confirms viability of post-commissioning capacity increase of
        Elikhulu to allow the plant to process tailings tonnes currently assigned to the Evander
        Tailings Retreatment Plant ("ETRP"), with resultant cost and throughput benefits;
    -   a 100% increase in Mineral Resources at Barberton's Royal Sheba Project to 720,000oz;
    -   as previously communicated, Evander Mines' labour consultation process is in progress, with
        finalisation expected prior to the end of the financial year; and
    -   a re-assessment of the feasibility of Evander Mine's Egoli Project is in progress.

Gold production from Barberton Mines

As anticipated, recent grades as announced on 2 March 2018 from the Fairview Mine's 11-block MRC
272 and 358 platforms, have resulted in an increase in gold production at Barberton Mines.

Based on current grades and the anticipated mining profile, Barberton Mines is expected to produce
approximately 50,0000oz for the second half of the 2018 financial year, an increase of approximately
23% from the first half of the 2018 financial year, in line with production guidance from the full
financial year.

To improve future flexibility and sustain gold production, development to the next high grade platform
(256 platform), will commence early in the 2019 financial year and average grades of 28.4g/t over 5.2
metres are estimated over the 95 metres strike length. The 256 platform is expected to be in full
production in the 2020 financial year to sustain production from the MRC section over the next 5
years.

BTRP regrind mill construction update

The construction of the regrind mill is proceeding according to schedule, with commissioning
anticipated in the last week of April 2018. On commissioning of the regrind mill, production at the
BTRP is expected to increase to approximately 21,000oz per annum.

Elikhulu construction and ETRP study updates

Construction at Elikhulu is progressing ahead of schedule with first gold expected in August 2018.
Ramp up to full production of approximately 55,000oz per annum is expected to take no longer than
two months, after which Elikhulu is estimated to produce gold at an all-in sustaining cost of production
of below US$650/oz, at the prevailing ZAR:USD exchange rate of R11.75:1. In conjunction with the
ETRP, these two operations are expected to produce more than 70,000oz per annum.
A DRA Global feasibility study has concluded that the ETRP's throughput of approximately 200,000
tonnes per month can be incorporated into the Elikhulu Project with limited additional capital. This will
be done post commissioning of the Elikhulu Project and should result in the existing ETRP throughput
benefitting from Elikhulu's lower cost structure and higher recoveries.

Barberton Mines' Royal Sheba Project

Pan African previously communicated that the Royal Sheba orebody has the potential to deliver
approximately 30,000oz per annum at a relatively low production cost. The Company has mandated
DRA Global to undertake a life-of-mine technical feasibility study on the Royal Sheba orebody, which
is planned to be completed during 2018.

The Royal Sheba orebody forms part of the Barberton Mine complex and was historically mined on a
small scale (approximately 2,000 tonnes per month) to a depth of 340 metres below surface. Due to
poor economic returns resulting from the low tonnage mining profile, and the prevailing low gold price
at that time, it was closed during 1996.

In the 2010 financial year, a concept study was completed by Turgis Consulting ("Turgis Study") with
the aim of re-opening the mine as a larger, mechanised, stand-alone operation. The Turgis Study
found that it was a viable proposition, but required a significant amount of capital expenditure for a
new shaft system to be sunk from the surface and the construction of a new gold plant.

Since the Turgis Study was completed, several synergies have been identified at the Barberton Mines
complex, which indicate that the Royal Sheba orebody could be a viable economic proposition with a
materially lower capital investment than previously envisaged.

The Company has revisited the Royal Sheba Mineral Resource, and the process focussed on the
geology and mineralisation of the deposit, incorporating a full 3D geological modelling exercise on the
structural, lithological and mineralisation components of the deposit. The combination of these three
components resulted in a robust and fit for purpose 3D geological model highlighting the increase in
the Royal Sheba Mineral Resources, adjacent to and below the current Royal Sheba mine
infrastructure.

The 3D geological model and coded composite data set was subjected to full statistical and
geostatistical analyses by considering 10 domains within the Royal Sheba deposit. The final output of
the 3D geological model and Mineral Resource estimate honours all of the available data. Checks and
validation techniques applied to the estimates ensured a robust Mineral Resource estimate of the
Royal Sheba orebody, the results of which are tabulated and reconciled against the previous Mineral
Resource estimate in the table below. The measured and indicated categories of the Royal Sheba
orebody has doubled to 0.48Moz (30 June 2017: 0.24Moz). The increase in the Royal Sheba Mineral
Resource is summarised as follows:

                            Updated                                 Previous

                  Mineral Resource statement             Mineral Resource statement
                     Royal Sheba Project                    Royal Sheba Project



                                       Contained                             Contained
                 Tonnes      Grade                     Tonnes     Grade
                                         gold                                  gold
 Category
                 Million       g/t        Moz           Million     g/t         Moz

 Measured          2.72       3.91        0.34           0.39      4.15         0.05

  Indicated        1.34       3.22        0.14           1.35      4.35         0.19

  Inferred         1.83       4.05        0.24           0.86      4.35         0.12
    Total          5.89       3.80         0.72          2.60      4.32         0.36

The updated Mineral Resources statement is stated over a larger down dip extent than the previous
Mineral Resource statement due to variogram model parameters applied. The updated Mineral
Resources statements are reported in accordance with the South African Code for the Reporting of
Exploration Results, Mineral Resources and Mineral Reserves, 2016 edition. Cut-off values are
calculated at 2.5g/t applying a gold price of R600,000/kg (US$1,435/oz and R13.00:1). Mineral
Resources are reported inclusive of Mineral Reserves. All updated Mineral Resources reported
exclude geological structures and are reported as in-situ tonnes. Any discrepancies in totals are due
to rounding.

The following tonnage discount factors have been applied to the updated Mineral Resources:

•       geological loss of 5% for the Measured category;
•       geological loss of 10% for the Indicated category; and
•       geological loss of 15% for the Inferred category.

Additional effects of mining and recovery losses have been considered in the cut-off grade
calculations.

The competent person for Pan African Resources, Mr Barry Naicker, the group mineral resource
manager, has reviewed and signed off the updated Mineral Resource for Royal Sheba. He is a
member of the South African Council for Scientific Professions (400234/10). Mr Naicker has 17 years
of experience in economic geology and mineral resource management. He is based at 1st Floor, The
Firs, corner Cradock and Biermann Avenues, Rosebank 2196, Gauteng.

Evander Mines labour consultation process and gold production

As announced on 2 March 2018, Evander Mines is currently in a consultation process with its labour
in terms of section 189 of the South African Labour Relations Act, 66 of 1995 ("Section 189
Process"). Further announcements will be made in due course, with the process expected to be
finalised before the end of the 2018 financial year.

Gold production from Evander Mines will be dependent on the outcome of the labour consultation
process and the review of the 8-shaft operations. As previously communicated, Pan African is
prioritising lower cost, high margin ounces in the current weak rand gold price environment. A
reduction in non-paying gold production will therefore benefit Group margins and sustainable cash
flows.

Egoli Project update

Following the recent announcement on the Section 189 Process at Evander Mines, the Group will be
re-assessing the feasibility of the Egoli Project as a stand-alone project by the end of the 2018
financial year.

The information contained in this announcement has not been reviewed or reported on by Pan
African's auditors and is the responsibility of the directors of Pan African.

For further information on Pan African, please visit the Company's website at
www.panafricanresources.com


28 March 2018


Contact information

Corporate Office                        Registered Office
The Firs Office Building                Suite 31
1st Floor, Office 101                   Second Floor
Cnr. Cradock and Biermann Avenues       107 Cheapside
Rosebank, Johannesburg                  London
South Africa                            EC2V 6DN
Office: + 27 (0) 11 243 2900            United Kingdom
Facsimile: + 27 (0) 11 880 1240         Office: + 44 (0) 207 796 8644
                                        Facsimile: + 44 (0) 207 796 8645

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                             John Prior / Paul Gillam
St James's Corporate Services Limited   Numis Securities Limited
Company Secretary                       Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644           Office: +44 (0) 20 7260 1000

Sholto Simpson                          Ross Allister/James Bavister/David McKeown
One Capital                             Peel Hunt LLP
JSE Sponsor                             Joint Broker
Office: + 27 (0) 11 550 5009            Office: +44 (0) 207 418 8900

Julian Gwillim                          Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications          BMO Capital Markets Limited
Public & Investor Relations SA          Joint Broker
Office: +27 (0)11 880 0037              Office: +44 (0) 207 236 1010

Bobby Morse
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Email: [email protected]

Website: www.panafricanresources.com


Glossary of technical terms:

Au                         Chemical symbol for gold

Cut-off Grade              The lowest grade     value   that   is   included   in   a
                           resource statement

Grade                      The proportion of a mineral within a rock or other
                     material. For gold mineralisation this is usually
                           reported as grams of gold per tonne of rock (g/t)

g/t                        Grammes per tonne

Indicated                  Mineral That part of a mineral resource for which tonnage,
Resource                   densities, shape, physical characteristics, grade
                           and mineral content can be estimated with a
                           reasonable level of confidence. It is based on
                           exploration,   sampling   and  testing   information
                           gathered   through   appropriate   techniques   from
                           locations such as outcrops, trenches, pits, workings
                           and drill holes. The locations are too widely or
                           inappropriately spaced to confirm geological and/or
                           grade continuity but are spaced closely enough for
                           continuity to be assumed

Inferred                   Mineral That part of a mineral resource for which tonnage,
Resource                   grade and mineral content can be estimated with a
                   low level of confidence. It is inferred from
                           geological evidence and assumed but not verified
                           geological and/or grade continuity. It is based on
                           information gathered through appropriate techniques
                           from locations such as outcrops, trenches, pits,
                           workings and drill holes that may be limited, or of
                           uncertain quality and reliability

Life of Mine               The time in which, through the       employment of the
                           available   capital,   the  ore     reserves--or    such
                           reasonable   extension   of  the     ore   reserves   as
                           conservative geological analysis      may justify--will
                           be extracted.

m                          metre

Mineral Resource           A concentration or occurrence of material of
                           economic interest in or on the Earth's crust in such
                           a form, quality, and quantity that there are
                           reasonable and realistic prospects for eventual
                           economic extraction. The location, quantity, grade,
                           continuity and other geological characteristics of a
                           Mineral Resource are known, estimated from specific
                           geological knowledge, or interpreted from a well
                           constrained and portrayed geological model

Measured Resource          That part of a Mineral Resource for which tonnage,
                           densities, shape, physical characteristics, grade
                           and mineral content can be estimated with a high
                           level of confidence. It is based on detailed and
                           reliable   exploration,   sampling    and   testing
                    information gathered through appropriate techniques
                           from locations such as outcrops, trenches, pits,
                           workings and drill holes. The locations are spaced
                           closely enough to confirm geological and grade
                           continuity

Moz                        Million troy ounces

Orebody              Mining term to define a solid mass of mineralised
                           rock which can be mined profitably under current or
                           immediately foreseeable economic conditions "ore" a
                           mineral deposit that can be extracted and marketed
                           profitably

Ore Reserves               The economically mineable part of a Measured or
                           Indicated Mineral Resource demonstrated by at least
                           a Preliminary Feasibility Study. This Study must
                           include adequate information on mining, processing,
                           metallurgical, economic and other relevant factors
                           that demonstrate, at the time of reporting, that
                           economic extraction can be justified. A Mineral
                           Reserve includes diluting materials and allowances
                           for losses that may occur when the material is mined

Ounce / oz                 Troy ounce, equivalent to 31.103477 grams

Probable                   Mineral The economically mineable part of an Indicated and,
Reserve                    in some circumstances, a Measured Mineral Resource
                           demonstrated by at least a Preliminary Feasibility
                           Study. This Study must include adequate information
                           on mining, processing, metallurgical, economic, and
                           other relevant factors that demonstrate, at the time
              of reporting, that economic extraction can be
                           justified

Proven Mineral Reserve     The economically mineable part of a Measured Mineral
                           Resource demonstrated by at least a Preliminary
                           Feasibility Study. This Study must include adequate
                           information on mining, processing, metallurgical,
                           economic,   and    other   relevant   factors   that
                           demonstrate, at the time of reporting, that economic
                           extraction is justified

t                          Tonne (1 million grams)

Date: 28/03/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Notification of major Interest in shares

2018/03/23 15:37:00
TR-1: Notification of major Interest in shares

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")


                            TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

Pan African received the following notification on Friday, 23 March 2018:

"1(a). IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO
WHICH VOTING RIGHTS ARE ATTACHED:
Pan African Resources PLC

1(b). Please indicate if the issuer is a non-UK issuer:
UK issuer

2. REASON FOR THE NOTIFICATION:
An acquisition or disposal of voting rights: Yes
An acquisition or disposal of financial instruments: No
An event changing the breakdown of voting rights: No
Other (please specify): No

3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:
Investec Asset Management Ltd

4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.):
N/A

5. DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED:
22 March 2018

6. DATE ON WHICH ISSUER NOTIFIED:
23 March 2018

7. TOTAL POSITIONS OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:

-------------------------------------------------------------------------------------------------------- -------------------------------
                                                           % of voting rights                     % of voting rights through
                                                           attached to shares                   through financial instruments
                                                              (total of 8.A)                         (total 8.B 1 + 8.B 2)
----------------------------------------------------------------------------------------------------- ----------------------------------
Resulting situation on the
Date on which threshold was
Crossed or reached                                         4.83%                                  0%
---------------------------------------------------------------------------------------------------------------------------------------
Position of previous
Notification (if applicable)                               5.00%                                     0%
---------------------------------------------------------------------------------------------------------------------------------------


----------------------------------------------------------------------------------------------------------------------------- ----------
                                                           Total of both in %                     Total number of voting rights
                                                           (8.A + 8.B)                            of issuer
---------------------------------------------------------------------------------------------------------------------------------------
Resulting situation on the
Date on which threshold was                               4.83%                                   2 234 687 537
Crossed or reached
------------------------------------------------------------------------------------------------------------------------------ ---------
Position of previous
Notification (if applicable)                               5.00%
---------------------------------------------------------------------------------------------------------------------------------------


8. NOTIFIED DETAILS OF THE RESULTING SITUATION ON THE DATE ON WHICH THE
THRESHOLD WAS CROSSED OR REACHED:

A: VOTING RIGHTS ATTACHED TO SHARES

---------------------------------------------------------------------------------------------------------- -----------------------------
Class/type              Number of voting              Number of voting                    % of voting              % of voting
 of shares              rights -                      rights -                             rights                   rights
                   Direct                        Indirect                             Direct                   Indirect
----------------------------------------------------------------------------------------------------------------------------- ----------
Common Stock              N/A                         108 284 298                            N/A                     4.83%
GBP 0.1
 ----------------------------------------------------------------------------------------------------------------------------- ---------
SUBTOTAL 8.A                        108 284 298                                                        4.83%
---------------------------------------------------------------------------------------------------------------------------------- ----


B 1: FINANCIAL INSTRUMENTS

----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial               Expiration            Exercise/Conversion              Number of voting                 % of
instrument                      date                  Period                           rights that may be               voting
                                                                             acquired if the                  rights
                                                                                       instrument is
                                                                                       exercised/converted
------------------------------------------------------------------------------------------------------ ---------------------------------
N/A                              N/A                  N/A                              N/A                              N/A
----------------------------------------------------------------------------------------------------------------------------- ----------


B 2: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT

----------------------------------------------------------------------------------------------------------------------------- ----------
                                   Resulting situation after the triggering transaction
---------------------------------------------------------------------------------------------------------------------------------------

Type of financial               Expiration            Exercise /            Physical or           Number               % of voting
instrument                      Date                  Conversion            Cash                  of voting            rights
                                                      Period                Settlement            rights
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                              N/A                  N/A                   N/A                   N/A                  N/A
---------------------------------------------------------------------------------------------------------------------------------------


9. INFORMATION IN RELATION TO THE PERSON SUBJECT TO THE NOTIFICATION
OBLIGATION:

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)
issuerxiii

------------------------------------------------------------------------------------------------------------------ ---------------------
Name                             % of voting rights                      % of voting rights               Total of both if it
                                 If it equals or is higher                  through financial                equals or is higher
                                 than the notifiable                        instruments if it                than the notifiable
                                 threshold         equals or is higher              threshold
                                                                            than the notifiable
                                                                            threshold
-------------------------------------------------------------------------------------------------------- -------------------------------
  N/A                     N/A                                   N/A                             N/A
---------------------------------------------------------------------------------------------------------------------------------------


10. NAME OF THE PROXY HOLDER: N/A

     THE NUMBER AND % OF VOTING RIGHTS HELD: N/A

     THE DATE UNTIL WHICH THE VOTING RIGHTS WILL BE HELD: N/A



11. ADDITIONAL INFORMATION:

We fell below the 5% threshold as a result of an in specie transfer and a transaction in the market -
hence the requirement for a disclosure.



Johannesburg
23 March 2018




Contact information

Corporate Office                                                    Registered Office
The Firs Office Building                                            Suite 31, Second Floor
1st Floor, Office 101                                               107 Cheapside
Cnr. Cradock and Biermann Avenues                                   London
Rosebank, Johannesburg                                              EC2V 6DN
South Africa                                                        United Kingdom
Office: + 27 (0) 11 243 2900                                        Office: + 44 (0) 207 796 8644
Facsimile: + 27 (0) 11 880 1240                                     Facsimile: + 44 (0) 207 796 8645

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                                                         John Prior / Paul Gillam
St James's Corporate Services Limited                               Numis Securities Limited
Company Secretary                                                   Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                 Office: +44 (0) 20 7260 1000

Sholto Simpson                                                      Matthew Armitt / Ross Allister
One Capital                                                         Peel Hunt LLP
JSE Sponsor                                                         Joint Broker
Office: + 27 (0) 11 550 5009                                        Office: +44 (0) 207 418 8900

Julian Gwillim                                                      Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                                      BMO Capital Markets Limited
Public & Investor Relations SA                                      Joint Broker
Office: +27 (0)11 880 0037                                          Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000


www.panafricanresources.com

Date: 23/03/2018 03:32:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Notification of major interest in shares

2018/03/20 12:53:00
TR-1: Notification of major interest in shares

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

Pan African received the following notification on Tuesday, 20 March 2018:

"1(a). IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO
WHICH VOTING RIGHTS ARE ATTACHED:
Pan African Resources PLC

1(b). Please indicate if the issuer is a non-UK issuer:
UK issuer

2. REASON FOR THE NOTIFICATION:
An acquisition or disposal of voting rights: Yes
An acquisition or disposal of financial instruments: No
An event changing the breakdown of voting rights: No
Other (please specify): No

3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:
Investec Asset Management Ltd

4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.):
N/A

5. DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED:
19 March 2018

6. DATE ON WHICH ISSUER NOTIFIED:
20 March 2018

7. TOTAL POSITIONS OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:

-------------------------------------------------------------------------------------------------------- -------------------------------
                                                           % of voting rights                      % of voting rights through
                                                           attached to shares                    through financial instruments
                                                      (total of 8.A)                          (total 8.B 1 + 8.B 2)
---------------------------------------------------------------------------------------------------- -----------------------------------
Resulting situation on the
Date on which threshold was
Crossed or reached                                         5.00%
---------------------------------------------------------------------------------------------------------------------------------------
Position of previous
Notification (if applicable)                               4.96%
---------------------------------------------------------------------------------------- -----------------------------------------------
----------------------------------------------------------------------------------------------------------------------------- ----------
                                                           Total of both in %                     Total number of voting rights
                                                           (8.A + 8.B)                            of issuer
---------------------------------------------------------------------------------------------------------------------------------------
Resulting situation on the
Date on which threshold was                                5.00%                                   2 234 687 537
Crossed or reached
---------------------------------------------------------------------------------------------------------------------------------------
Position of previous
Notification (if applicable)                4.96%
---------------------------------------------------------------------------------------------------------------------------------------


8. NOTIFIED DETAILS OF THE RESULTING SITUATION ON THE DATE ON WHICH THE
THRESHOLD WAS CROSSED OR REACHED:

A: VOTING RIGHTS ATTACHED TO SHARES

---------------------------------------------------------------------------------------------------------------------------------------
Class/type              Number of voting              Number of voting                    % of voting             % of voting
 of shares              rights -                      rights -                             rights                  rights
                        Direct                        Indirect                             Direct                  Indirect
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                     N/A                           111 845 820                           N/A                    5.00%
 ----------------------------------------------------------------------------------------------------------------------------- ---------

B 1: FINANCIAL INSTRUMENTS

----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial               Expiration            Exercise/Conversion              Number of voting                % of
instrument                      date                  Period                           rights that may be              voting
                                                                                       acquired if the                 rights
                                                                                       instrument is
                                                                                       exercised/converted
---------------------------------------------------------------------------------------------------------------------------------------
N/A                              N/A                  N/A                              N/A                             N/A
----------------------------------------------------------------------------------------------------------------------------- ----------


B 2: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT

----------------------------------------------------------------------------------------------------------------------------- ----------
                                   Resulting situation after the triggering transaction
----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial        Expiration            Exercise /            Physical or           Number               % of voting
instrument                      Date                  Conversion            Cash                  of voting            rights
                                                      Period                Settlement            rights
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                              N/A                  N/A                   N/A                   N/A                  N/A
----------------------------------------------------------------------------------------------------------------------------- ----------
9. INFORMATION IN RELATION TO THE PERSON SUBJECT TO THE NOTIFICATION
OBLIGATION:

---------------------------------------------------------------------------------------------------------------------------------------
Name                             % of voting rights                         % of voting rights               Total of both if it
                                 If it equals or is higher                  through financial                equals or is higher
                                 than the notifiable                        instruments if it                than the notifiable
                                 threshold                                  equals or is higher              threshold
                                                                            than the notifiable
                               threshold
-------------------------------------------------------------------------------------------- -------------------------------------------
  N/A                                             N/A                                   N/A                             N/A
----------------------------------------------------------------------------------------------------------------------------- ----------


10. NAME OF THE PROXY HOLDER: N/A

     THE NUMBER AND % OF VOTING RIGHTS HELD: N/A

     THE DATE UNTIL WHICH THE VOTING RIGHTS WILL BE HELD: N/A



11. ADDITIONAL INFORMATION: N/A



Johannesburg
20 March 2018




Contact information

Corporate Office                                                    Registered Office
The Firs Office Building                                Suite 31, Second Floor
1st Floor, Office 101                                               107 Cheapside
Cnr. Cradock and Biermann Avenues                                   London
Rosebank, Johannesburg                                              EC2V 6DN
South Africa                                                        United Kingdom
Office: + 27 (0) 11 243 2900                                        Office: + 44 (0) 207 796 8644
Facsimile: + 27 (0) 11 880 1240                                     Facsimile: + 44 (0) 207 796 8645

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                                                         John Prior / Paul Gillam
St James's Corporate Services Limited                               Numis Securities Limited
Company Secretary                                                   Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                                       Office: +44 (0) 20 7260 1000

Sholto Simpson                                                      Matthew Armitt / Ross Allister
One Capital                                                         Peel Hunt LLP
JSE Sponsor                                                         Joint Broker
Office: + 27 (0) 11 550 5009                                        Office: +44 (0) 207 418 8900

Julian Gwillim                                                      Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                                      BMO Capital Markets Limited
Public & Investor Relations SA                                      Joint Broker
Office: +27 (0)11 880 0037                                 Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000


www.panafricanresources.com

Date: 20/03/2018 12:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Operational update

2018/03/02 09:04:00
Operational update

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

OPERATIONAL UPDATE

Further to the operational update released on 1 February 2018, Pan African is pleased to provide
further information on progress at the Fairview 11-block Main Reef Complex ("MRC") orebody and
the Barberton Tailings Retreatment Plant ("BTRP"), as well as updated guidance on the
commencement of production from the Elikhulu Tailings Retreatment Plant ("Elikhulu").

Barberton Mines - Fairview 11-block MRC orebody grades

The average head grade for the Barberton Mines complex, which includes the Fairview, Sheba and
Consort mines, has risen from an average of 8.7g/t during July to December 2017 to 11.5g/t which
was recorded in the February 2018 production month. This 32% increase in head grade is
predominantly as a result of mining high-grade ore at the 272 platform since January 2018. The latest
on-reef development samples taken in the 272 platform, recorded an average grade of 99.2g/t
(ranging from 2.2g/t to 1,320g/t) over a mineralised width of 3.36m along a strike length of 24m. This
confirms that the high-grade areas of this mining block are now in production. This high-grade core of
the 11-block MRC orebody is encapsulated within a 75m mineralised envelope with the remainder of
the mineralisation retrieving an average grade of 10.5g/t.

Furthermore, face sampling of the on-reef development, taken of the mineralised 11-block MRC
orebody at the 358 platform, resulted in an average grade of 45.7g/t over a mineralised width of 2m,
confirming that the on-reef development has reached the high-grade section of this mining block. It is
envisaged that the strike length of the MRC orebody on the 358 platform will be 75m with a high-
grade core of 40m, extrapolated from the 272 platform above.

These platforms underpin Fairview's high-grade production and mining flexibility, particularly for ore
haulage, development waste disposal and improving the mining face availability for the next two
years, during which development of the next platform below the 358 will be completed. Production
from 11-block MRC orebody will be further enhanced with the completion of the sub-vertical shaft in
two years' time.

BTRP regrind mill construction update

The construction of the regrind mill is proceeding according to schedule with commissioning
anticipated in the last week of April 2018. On commissioning of the regrind mill, production at the
BTRP is expected to increase to approximately 21,000 ounces per annum.

Elikhulu construction update

Construction is progressing ahead of schedule with first gold expected in August 2018. Ramp up to full
production of approximately 55,000 ounces per annum is expected to take no longer than two
months, after which Elikhulu is estimated to produce gold at an all-in sustaining cost of production of
below $650/oz, at the prevailing USD:ZAR exchange rate. In conjunction with the Evander Tailings
Retreatment Plant, these two operations are expected to produce more than 70,000 ounces per
annum.

Evander Mines labour consultation process

As previously announced on 27 February 2018, Evander Mines is currently in a consultation process
with its labour in terms of section 189 of the South African Labour Relations Act, 66 of 1995. Further
announcements will be made in due course.

Commenting on the operational update, Cobus Loots, CEO, stated:

"Pan African is focused on sustainable lower cost gold production from our asset portfolio. After a
challenging period at Barberton Mines we have successfully dealt with the key underground challenges
at Fairview's 11-block and we are on track to re-establish BTRP's production profile at approximately
21,000 ounces per annum. Mining over the past two months at the 272 platform and the development
into the 358 platform confirms the geological continuity of Fairview's 11-block high-grade orebody.
These developments, along with progress at the BTRP and Elikhulu, provide Pan African with far
greater certainty of high quality gold ounce production."

The information contained in this announcement has not been reviewed or reported on by Pan
African's auditors and is the responsibility of the Directors of Pan African.



Johannesburg

2 March 2018

Contact information
Corporate Office                                            Registered Office
The Firs Office Building                                    Suite 31
1st Floor, Office 101                                       Second Floor
Cnr. Cradock and Biermann Avenues                           107 Cheapside
Rosebank, Johannesburg                                      London
South Africa                                                EC2V 6DN
Office: + 27 (0) 11 243 2900                                United Kingdom
Facsimile: + 27 (0) 11 880 1240                             Office: + 44 (0) 207 796 8644
                                                            Facsimile: + 44 (0) 207 796 8645

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                                                 John Prior / Paul Gillam
St James's Corporate Services Limited       Numis Securities Limited
Company Secretary                                           Nominated Adviser, Joint Broker
Office: + 44 (0) 207 796 8644                               Office: +44 (0) 20 7260 1000

Sholto Simpson                                              Ross Allister / James Bavister
One Capital                                                 Peel Hunt LLP
JSE Sponsor                                       Joint Broker
Office: + 27 (0) 11 550 5009                                Office: +44 (0) 207 418 8900

Jeffrey Couch/Neil Haycock/Thomas Rider                     Bobby Morse/Chris Judd
BMO Capital Markets Limited                                 Buchanan Communications
Joint Broker                                                Public & Investor Relations UK
Office: +44 (0) 207 236 1010                                Office: + 44 (0) 207 466 5000

Julian Gwillim
Aprio Strategic Communications
Public & Investor Relations SA
Office: +27 (0)11 880 0037

www.panafricanresources.com

Date: 02/03/2018 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Response to National Union of Mineworkers press release and media speculation

2018/02/27 14:04:00
Response to National Union of Mineworkers press release and media speculation

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or "the Company")


RESPONSE TO NATIONAL UNION OF MINEWORKERS ("NUM") PRESS RELEASE AND MEDIA
SPECULATION

Further to the recent NUM press release and media speculation, the Company confirms that it has
commenced a consultation process in terms of section 189 of the South African Labour Relations
Act, 66 of 1995 at its Evander Gold Mining Proprietary Limited operation. Further announcements
will be made in due course.

Johannesburg

27 February 2018

Contact information
Corporate Office                                       Registered Office
The Firs Office Building                               Suite 31
1st Floor, Office 101                                  Second Floor
Cnr. Cradock and Biermann Avenues                      107 Cheapside
Rosebank, Johannesburg                                 London
South Africa            EC2V 6DN
Office: + 27 (0) 11 243 2900                           United Kingdom
Facsimile: + 27 (0) 11 880 1240                        Office: + 44 (0) 207 796 8644
                                                       Facsimile: + 44 (0) 207 796 8645

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                                            John Prior / Paul Gillam
St James's Corporate Services Limited                  Numis Securities Limited
Company Secretary                                      Nominated Adviser, Joint Broker
Office: + 44 (0) 207 796 8644                          Office: +44 (0) 20 7260 1000

Sholto Simpson                                         Ross Allister / James Bavister
One Capital                                            Peel Hunt LLP
JSE Sponsor                                            Joint Broker
Office: + 27 (0) 11 550 5009                           Office: +44 (0) 207 418 8900

Jeffrey Couch/Neil Haycock/Thomas Rider                Bobby Morse/Chris Judd
BMO Capital Markets Limited                            Buchanan Communications
Joint Broker                                           Public & Investor Relations UK
Office: +44 (0) 207 236 1010                           Office: + 44 (0) 207 466 5000

Julian Gwillim                                         St Elmo Wilken/Piet le Roux
Aprio Strategic Communications                         ENS Africa
Public & Investor Relations SA                         Legal Advisers
Office: +27 (0)11 880 0037                             Office: +27 (0) 11 269 7600

www.panafricanresources.com

Date: 27/02/2018 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Notification of Major Interest in Shares

2018/02/26 09:06:00
TR-1: Notification of Major Interest in Shares

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

Pan African received the following notification on Thursday, 22 February 2018:

"1(a). IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO
WHICH VOTING RIGHTS ARE ATTACHED:
Pan African Resources Plc

1(b). Please indicate if the issuer is a non-UK issuer:
UK issuer

2. REASON FOR THE NOTIFICATION:
An acquisition or disposal of voting rights: No
An acquisition or disposal of financial instruments: Yes
An event changing the breakdown of voting rights: No
Other (please specify): No

3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:
Truffle Asset Management

4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.):
N/A

5. DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED:
20 February 2018

6. DATE ON WHICH ISSUER NOTIFIED:
22 February 2018

7. TOTAL POSITIONS OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:

-------------------------------------------------------------------------------------------------------- -------------------------------
                                                           % of voting rights                     % of voting rights through
                                                           attached to shares                    through financial instruments
                                                          (total of 8.A)                          (total 8.B 1 + 8.B 2)
----------------------------------------------------------------------------------------------- ----------------------------------------
Resulting situation on the
Date on which threshold was
Crossed or reached                                         0.95%
---------------------------------------------------------------------------------------------------------------------------------------
Position of previous
Notification (if applicable)                               3.42%
---------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------- ----------
                                                           Total of both in %                     Total number of voting rights
                                                           (8.A + 8.B)                            of issuer
---------------------------------------------------------------------------------------------------------------------------------------
Resulting situation on the
Date on which threshold was                                0.95%                                  21 315 312
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:

A: VOTING RIGHTS ATTACHED TO SHARES

---------------------------------------------------------------------------------------------------------- -----------------------------
Class/type              Number of voting              Number of voting                    % of voting % of voting
 of shares              rights -                      rights -                             rights             rights
                        Direct                        Indirect                             Direct             Indirect
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                     N/A                           N/A                                 N/A                 N/A
----------------------------------------------------------------------------------------------------------------------------- ---------

B 1: FINANCIAL INSTRUMENTS

----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial               Expiration            Exercise/Conversion              Number of voting                 % of
instrument                      date                  Period                           rights that may be               voting
                                               acquired if the                  rights
                                                                                       instrument is
                                                                                       exercised/converted
------------------------------------------------------------------------------------- --------------------------------------------------
N/A                              N/A                  N/A                              N/A                              N/A
----------------------------------------------------------------------------------------------------------------------------- ----------


B 2: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT

----------------------------------------------------------------------------------------------------------------------------- ----------
                                   Resulting situation after the triggering transaction
------------------------------------------------------------------------------------------------------------------------------------ ---

Type of financial               Expiration            Exercise /            Physical or           Number               % of voting
instrument                      Date                  Conversion            Cash                  of voting            rights
                                                      Period                Settlement            rights
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                              N/A                  N/A                   N/A                   N/A                  N/A
---------------------------------------------------------------------------------------------------------------------------------------


9. INFORMATION IN RELATION TO THE PERSON SUBJECT TO THE NOTIFICATION
OBLIGATION:

---------------------------------------------------------------------------------------------------------------------------------------
Name                             % of voting rights                         % of voting rights               Total of both if it
                                 If it equals or is higher                  through financial                equals or is higher
                                 than the notifiable                        instruments if it                than the notifiable
                                 threshold                                  equals or is higher              threshold
                                                                            than the notifiable
                                                                            threshold
-------------------------------------------------------------------------------------------------------- -------------------------------
  N/A                                             N/A                                   N/A                             N/A
--------------------------------------------------------------------------------------------------------------------------- ------------


10. NAME OF THE PROXY HOLDER: N/A

     THE NUMBER AND % OF VOTING RIGHTS HELD: N/A

     THE DATE UNTIL WHICH THE VOTING RIGHTS WILL BE HELD: N/A



11. ADDITIONAL INFORMATION: N/A



Johannesburg
26 February 2018




Contact information

Corporate Office                                                    Registered Office
The Firs Office Building                                            Suite 31, Second Floor
1st Floor, Office 101                                               107 Cheapside
Cnr. Cradock and Biermann Avenues                                   London
Rosebank, Johannesburg                                              EC2V 6DN
South Africa                                                        United Kingdom
Office: + 27 (0) 11 243 2900                                        Office: + 44 (0) 207 796 8644
Facsimile: + 27 (0) 11 880 1240                                     Facsimile: + 44 (0) 207 796 8645

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                                                         John Prior / Paul Gillam
St James's Corporate Services Limited                               Numis Securities Limited
Company Secretary                                                   Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                             Office: +44 (0) 20 7260 1000

Sholto Simpson                                                      Matthew Armitt / Ross Allister
One Capital                                                         Peel Hunt LLP
JSE Sponsor                                                         Joint Broker
Office: + 27 (0) 11 550 5009                                        Office: +44 (0) 207 418 8900
Julian Gwillim                                                      Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                                      BMO Capital Markets Limited
Public & Investor Relations SA                                      Joint Broker
Office: +27 (0)11 880 0037                                          Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000


www.panafricanresources.com

Date: 26/02/2018 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Directors' Dealings in Securities

2018/02/23 14:06:00
Directors' Dealings in Securities

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

DIRECTORS' DEALINGS IN SECURITIES

DEALING NOTIFICATION FORM
FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS

1.       Details of the person discharging managerial
         responsibilities/person closely associated

a)       Name:                                                  Cobus Loots

2.       Reason for the notification

a)       Position/status:                                       Chief Executive Officer

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:                                                   213800EAXURCXM6RL85

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 instrument, type of       Long contract for difference (CFD) at
         instrument:                                            8p each
        Identification code: GB0004300496

b)       Nature of the transaction:                             Entered into long contract for
                                                                difference (CFD)

c)       Price(s) and volume(s):
         22 February 2018
                                                                 Price(s)              Volume(s)

                                          GBP0.08               200,000

d)       Aggregated information:

                                                                 Total                 Volume(s)

                                                                 GBP16,000             200,000

e)       Date of the transaction:                               22 February 2018

f)       Place of the transaction:                              London Stock Exchange



Additional information disclosed in accordance with the JSE Listings Requirements:
a)     Nature of interest of executive:                        Beneficial

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

c)     Clearance given in terms of paragraph 3.66 of the JSE   Yes
       Listings Requirements:

d)     Holding following transactions:                         668,675

e)     Deemed value:                                           GBP16,000



Johannesburg

23 February 2018


Contact information
Corporate Office                                     Registered Office
The Firs Office Building                             Suite 31
1st Floor, Office 101                                Second Floor
Cnr. Cradock and Biermann Avenues                    107 Cheapside
Rosebank, Johannesburg                               London
South Africa                                         EC2V 6DN
Office: + 27 (0) 11 243 2900                         United Kingdom
Facsimile: + 27 (0) 11 880 1240                      Office: + 44 (0) 207 796 8644
                                                     Facsimile: + 44 (0) 207 796 8645

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                                          John Prior / Paul Gillam
St James's Corporate Services Limited                Numis Securities Limited
Company Secretary                                    Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                        Office: +44 (0) 20 7260 1000
Sholto Simpson                                       Ross Allister/ James Bavister / David McKeown
One Capital                                          Peel Hunt LLP
JSE Sponsor                                          Joint Broker
Office: + 27 (0) 11 550 5009                         Office: +44 (0) 207 418 8900
Julian Gwillim                                       Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                       BMO Capital Markets Limited
Public & Investor Relations SA                       Joint Broker
Office: +27 (0)11 880 0037                           Office: +44 (0) 207 236 1010
Bobby Morse and Chris Judd                           Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]

Date: 23/02/2018 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Directors' Dealings in Securities

2018/02/23 14:06:00
Directors' Dealings in Securities

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

DIRECTORS' DEALINGS IN SECURITIES

DEALING NOTIFICATION FORM
FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS

1.       Details of the person discharging managerial
         responsibilities/person closely associated

a)       Name:                                                  Deon Louw

2.       Reason for the notification

a)       Position/status:                                       Financial Director

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:                                                   213800EAXURCXM6RL85

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 instrument, type of       Ordinary shares at R1.30 each
         instrument:
                                                                Identification code: GB0004300496


b)       Nature of the transaction:                             Purchase of shares

c)       Price(s) and volume(s):
         23 February 2018
                                                                 Price(s)              Volume(s)

                                                                 ZAR1.30               75,000

d)       Aggregated information:

             Total                 Volume(s)

                                                                 ZAR97,500             75,000

e)       Date of the transaction:                               23 February 2018

f)       Place of the transaction:                              Johannesburg Stock Exchange



Additional information disclosed in accordance with the JSE Listings Requirements:
a)     Nature of interest of executive:                        Beneficial

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

c)     Clearance given in terms of paragraph 3.66 of the JSE   Yes
       Listings Requirements:

d)     Holding following transactions:                         257,450

e)     Deemed value:                                           ZAR97,500



Johannesburg

23 February 2018


Contact information
Corporate Office                                     Registered Office
The Firs Office Building                             Suite 31
1st Floor, Office 101                                Second Floor
Cnr. Cradock and Biermann Avenues                    107 Cheapside
Rosebank, Johannesburg                               London
South Africa                            EC2V 6DN
Office: + 27 (0) 11 243 2900                         United Kingdom
Facsimile: + 27 (0) 11 880 1240                      Office: + 44 (0) 207 796 8644
                                                     Facsimile: + 44 (0) 207 796 8645

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                                          John Prior / Paul Gillam
St James's Corporate Services Limited                Numis Securities Limited
Company Secretary                                    Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                        Office: +44 (0) 20 7260 1000
Sholto Simpson                                       Ross Allister/ James Bavister / David McKeown
One Capital                                          Peel Hunt LLP
JSE Sponsor                                          Joint Broker
Office: + 27 (0) 11 550 5009                         Office: +44 (0) 207 418 8900
Julian Gwillim                                       Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                       BMO Capital Markets Limited
Public & Investor Relations SA                       Joint Broker
Office: +27 (0)11 880 0037                           Office: +44 (0) 207 236 1010
Bobby Morse and Chris Judd                           Website: www.panafricanresources.com
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
[email protected]

Date: 23/02/2018 02:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Notification of Major Interest in Shares

2018/02/23 13:27:00
TR-1: Notification of Major Interest in Shares

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

Pan African received the following notification on Friday, 23 February 2018:

1(a). IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO
WHICH VOTING RIGHTS ARE ATTACHED:
Pan African Resources Plc

1(b). Please indicate if the issuer is a non-UK issuer:
UK issuer

2. REASON FOR THE NOTIFICATION:
An acquisition or disposal of voting rights: Yes
An acquisition or disposal of financial instruments: No
An event changing the breakdown of voting rights: No
Other (please specify): No

3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:
Public Investment Corporation SOC Limited

4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.):
N/A

5. DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED:
21 February 2018

6. DATE ON WHICH ISSUER NOTIFIED:
23 February 2018

7. TOTAL POSITIONS OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:

-------------------------------------------------------------------------------------------------------- -------------------------------
                                                           % of voting rights                     % of voting rights through
                                                           attached to shares                   through financial instruments
                                                              (total of 8.A)                         (total 8.B 1 + 8.B 2)
---------------------------------------------------------------------------------------------------------------------------------------
Resulting situation on the
Date on which threshold was
Crossed or reached                                             3.848%
---------------------------------------------------------------------------------------------------------------------------------------
Position of previous
Notification (if applicable)                                   5.980%
---------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------- ----------
                                                           Total of both in %                     Total number of voting rights
                                                           (8.A + 8.B)                            of issuer
---------------------------------------------------------------------------------------------------------------------------------------
Resulting situation on the
Date on which threshold was                                    3.848%                                      2 234 687 537
Crossed or reached
----------------------------------------------------------------------------------------------------------------------------- ----------
Position of previous
Notification (if applicable)                                  5.980%
----------------------------------------------------------------------------------------------------------------------------- ----------


8. NOTIFIED DETAILS OF THE RESULTING SITUATION ON THE DATE ON WHICH THE
THRESHOLD WAS CROSSED OR REACHED:

A: VOTING RIGHTS ATTACHED TO SHARES

---------------------------------------------------------------------------------------------------------- -----------------------------
Class/type             Number of voting               Number of voting                    % of voting % of voting
 of shares             rights -                       rights -                             rights             rights
                       Direct                         Indirect                             Direct             Indirect
------------------------------------------------------------------------------------------------------ ---------------------------------
PAN                    85 983 466                                                          3.848%

----------------------------------------------------------------------------------------------------------------------------- ----------


B 1: FINANCIAL INSTRUMENTS

---------------------------------------------------------------------------------------------------------------------------------------

Type of financial               Expiration            Exercise/Conversion              Number of voting                % of
instrument                      date                  Period                           rights that may be           voting
                                                                                       acquired if the                 rights
                                                                                       instrument is
                                                                                       exercised/converted
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                              N/A                  N/A                              N/A                             N/A
---------------------------------------------------------------------------------------------------------------------------------------


B 2: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT

----------------------------------------------------------------------------------------------------------------------------- ----------
                                   Resulting situation after the triggering transaction
----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial               Exercise              Expiration            Exercise/             Number                % of
instrument                      price                 Date                  Conversion            of voting             voting
                                                                            Period                rights                rights
                                               instrument
                                                                                                  refers to
----------------------------------------------------------------------------------------------------- ----------------------------------
N/A                              N/A                  N/A                   N/A                   N/A                   N/A
----------------------------------------------------------------------------------------------------------------------------- ----------
9. INFORMATION IN RELATION TO THE PERSON SUBJECT TO THE NOTIFICATION
OBLIGATION:

----------------------------------------------------------------------------------------------------------------------------- ----------
Name                % of voting rights                         % of voting rights              Total of both if it
                                 If it equals or is higher                  through financial               equals or is higher
                                 than the notifiable                        instruments if it               than the notifiable
                                 threshold                                  equals or is higher             threshold
                                                                            than the notifiable
                                                                            threshold
---------------------------------------------------------------------------------------------------------------------------------------
Public Investment                 3.848%                                    N/A                             3.848%
Corporation SOC
Limited
---------------------------------------------------------------------------------------------------------------------------------------


10. NAME OF THE PROXY HOLDER: N/A

     THE NUMBER AND % OF VOTING RIGHTS HELD: N/A

     THE DATE UNTIL WHICH THE VOTING RIGHTS WILL BE HELD: N/A

11. ADDITIONAL INFORMATION:

     Name: Devilliers Makonko

     Email: [email protected]

     Tel: +27 12 742 3578

Johannesburg
23 February 2018


Contact information

Corporate Office                                                    Registered Office
The Firs Office Building                                            Suite 31, Second Floor
1st Floor, Office 101                                               107 Cheapside
Cnr. Cradock and Biermann Avenues                                   London
Rosebank, Johannesburg                                              EC2V 6DN
South Africa                                                        United Kingdom
Office: + 27 (0) 11 243 2900                                        Office: + 44 (0) 207 796 8644
Facsimile: + 27 (0) 11 880 1240                                     Facsimile: + 44 (0) 207 796 8645

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                                                         John Prior / Paul Gillam
St James's Corporate Services Limited                               Numis Securities Limited
Company Secretary                                                   Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                   Office: +44 (0) 20 7260 1000

Sholto Simpson                                                      Matthew Armitt / Ross Allister
One Capital                                                         Peel Hunt LLP
JSE Sponsor                                                         Joint Broker
Office: + 27 (0) 11 550 5009                                        Office: +44 (0) 207 418 8900

Julian Gwillim                                                      Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                                      BMO Capital Markets Limited
Public & Investor Relations SA                                      Joint Broker
Office: +27 (0)11 880 0037                                          Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000


www.panafricanresources.com

Date: 23/02/2018 01:24:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Notification of Major Interest in Shares

2018/02/23 13:24:00
TR-1: Notification of Major Interest in Shares

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

Pan African received the following notification on Friday, 23 February 2018:

"1(a). IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO
WHICH VOTING RIGHTS ARE ATTACHED:
Pan African Resources Plc

1(b). Please indicate if the issuer is a non-UK issuer:
UK issuer

2. REASON FOR THE NOTIFICATION:
An acquisition or disposal of voting rights: Yes
An acquisition or disposal of financial instruments: No
An event changing the breakdown of voting rights: No
Other (please specify): No

3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:
Allan Gray Unit Trust Management (RF) Proprietary Limited

4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.):
N/A

5. DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED:
20 February 2018

6. DATE ON WHICH ISSUER NOTIFIED:
23 February 2018

7. TOTAL POSITIONS OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:

-------------------------------------------------------------------------------------------------------- -------------------------------
                                                           % of voting rights                     % of voting rights through
                                                           attached to shares                   through financial instruments
                                                              (total of 8.A)                         (total 8.B 1 + 8.B 2)
---------------------------------------------------------------------------------------------------------------------------------------
Resulting situation on the
Date on which threshold was
Crossed or reached                                             10%
---------------------------------------------------------------------------------------------------------------------------------------
Position of previous
Notification (if applicable)                                   10.4405%
---------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------- ----------
                                                           Total of both in %                     Total number of voting rights
                                                           (8.A + 8.B)                            of issuer
---------------------------------------------------------------------------------------------------------------------------------------
Resulting situation on the
Date on which threshold was                                    10%                                         2 234 687 537
Crossed or reached
----------------------------------------------------------------------------------------------------------------------------- ----------
Position of previous
Notification (if applicable)                                  10.4405%
----------------------------------------------------------------------------------------------------------------------------- ----------


8. NOTIFIED DETAILS OF THE RESULTING SITUATION ON THE DATE ON WHICH THE
THRESHOLD WAS CROSSED OR REACHED:

A: VOTING RIGHTS ATTACHED TO SHARES

---------------------------------------------------------------------------------------------------------- -----------------------------
Class/type             Number of voting               Number of voting                     % of voting % of voting
 of shares             rights -                       rights -                              rights            rights
                       Direct                         Indirect                     Direct            Indirect
----------------------------------------------------------------------------------------- ----------------------------------------------
PAN                    233 311 944                                                          10.4405%

----------------------------------------------------------------------------------------------------------------------------- ----------


B 1: FINANCIAL INSTRUMENTS

---------------------------------------------------------------------------------------------------------------------------------------

Type of financial               Expiration            Exercise/Conversion              Number of voting                % of
instrument                      date                  Period                           rights that may be              voting
                                                                                       acquired if the                 rights
                                                                                       instrument is
                                                                                       exercised/converted
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                              N/A                  N/A                              N/A                             N/A
---------------------------------------------------------------------------------------------------------------------------------------


B 2: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT

----------------------------------------------------------------------------------------------------------------------------- ----------
                                   Resulting situation after the triggering transaction
----------------------------------------------------------------------------------------------------------------------------- ----------

Type of financial               Exercise              Expiration            Exercise/             Number                % of
instrument                      price                 Date                  Conversion            of voting             voting
                                                                            Period                rights                rights
                                                                      instrument
                                                                                                  refers to
------------------------------------------------------------------------------------- --------------------------------------------------
N/A                              N/A                  N/A                   N/A                   N/A                   N/A
----------------------------------------------------------------------------------------------------------------------------- ----------
9. INFORMATION IN RELATION TO THE PERSON SUBJECT TO THE NOTIFICATION
OBLIGATION:

----------------------------------------------------------------------------------------------------------------------------- ----------
Name                             % of voting rights                         % of voting rights              Total of both if it
                                 if it equals or is higher                  through financial               equals or is higher
                                 than the notifiable                        instruments if it               than the notifiable
                       threshold                                  equals or is higher             threshold
                                                                            than the notifiable
                                                                            threshold
---------------------------------------------------------------------------------------------------------------------------------------
N/A                              N/A                                        N/A                             N/A
----------------------------------------------------------------------------------------------------------------------------- ----------


10. NAME OF THE PROXY HOLDER: N/A

     THE NUMBER AND % OF VOTING RIGHTS HELD: N/A

     THE DATE UNTIL WHICH THE VOTING RIGHTS WILL BE HELD: N/A

11. ADDITIONAL INFORMATION:

Contact name: Nelia De Beer

Contact telephone number: +27 87 736 1732

Johannesburg
23 February 2018

Contact information

Corporate Office                                                    Registered Office
The Firs Office Building                                            Suite 31, Second Floor
1st Floor, Office 101                       107 Cheapside
Cnr. Cradock and Biermann Avenues                                   London
Rosebank, Johannesburg                                              EC2V 6DN
South Africa                                                        United Kingdom
Office: + 27 (0) 11 243 2900                                        Office: + 44 (0) 207 796 8644
Facsimile: + 27 (0) 11 880 1240                                     Facsimile: + 44 (0) 207 796 8645

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                                                         John Prior / Paul Gillam
St James's Corporate Services Limited                               Numis Securities Limited
Company Secretary                                                   Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                                       Office: +44 (0) 20 7260 1000

Sholto Simpson                                                      Matthew Armitt / Ross Allister
One Capital                                                         Peel Hunt LLP
JSE Sponsor                                                         Joint Broker
Office: + 27 (0) 11 550 5009                                        Office: +44 (0) 207 418 8900

Julian Gwillim                                            Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                                      BMO Capital Markets Limited
Public & Investor Relations SA                                      Joint Broker
Office: +27 (0)11 880 0037                                          Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000


www.panafricanresources.com

Date: 23/02/2018 01:19:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - TR-1: Notification of Major Interest in Shares

2018/02/23 13:21:00
TR-1: Notification of Major Interest in Shares

 Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company")

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

Pan African received the following notification on Friday, 23 February 2018:

1(a). IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO
WHICH VOTING RIGHTS ARE ATTACHED:
Pan African Resources Plc

1(b). Please indicate if the issuer is a non-UK issuer:
UK issuer

2. REASON FOR THE NOTIFICATION:
An acquisition or disposal of voting rights: Yes
An acquisition or disposal of financial instruments: No
An event changing the breakdown of voting rights: No
Other (please specify): No

3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:
Coronation Asset Management (Pty) Ltd acting as discretionary investment manager on behalf of
managed portfolios.

4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.):
N/A

5. DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED:
23 February 2018

6. DATE ON WHICH ISSUER NOTIFIED:
23 February 2018

7. TOTAL POSITIONS OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION:

---------------------------------------------------------------------------------------------------------------------------------------
                                                           % of voting rights                     % of voting rights through
             attached to shares                   through financial instruments
                                                              (total of 8.A)                         (total 8.B 1 + 8.B 2)
------------------------------------------------------------------------------------------------------------------------------------- --
Resulting situation on the
Date on which threshold was
Crossed or reached                                             3%
----------------------------------------------------------------------------------------------------------------------------- ----------
Position of previous
Notification (if applicable)                                   2.97%
----------------------------------------------------------------------------------------------------------------------------- ----------
------------------------------------------------------------------------------------------------------ ---------------------------------
                                                           Total of both in %                     Total number of voting rights
                                                           (8.A + 8.B)                            of issuer
----------------------------------------------------------------------------------------------------------------------------- ----------
Resulting situation on the
Date on which threshold was                                    3%                                          2 234 687 537
Crossed or reached
----------------------------------------------------------------------------------------------------------------------------- ----------
Position of previous
Notification (if applicable)                                  2.97%
----------------------------------------------------------------------------------------------------------------------------- ----------


8. NOTIFIED DETAILS OF THE RESULTING SITUATION ON THE DATE ON WHICH THE
THRESHOLD WAS CROSSED OR REACHED:

A: VOTING RIGHTS ATTACHED TO SHARES

---------------------------------------------------------------------------------------------------------- -----------------------------
Class/type             Number of voting               Number of voting                    % of voting % of voting
 of shares             rights -                       rights -                             rights             rights
                       Direct                         Indirect                             Direct             Indirect
---------------------------------------------------------------------------------------------------------------------------------------
PAN                    67 118 496                                                          3%

---------------------------------------------------------------------------------------------------------------------------------------


B 1: FINANCIAL INSTRUMENTS

---------------------------------------------------------------------------------------------------------------------------------------

Type of financial               Expiration            Exercise/Conversion              Number of voting                % of
instrument                      date          Period                           rights that may be              voting
                                                                                       acquired if the                 rights
                                                                                       instrument is
                                                                                       exercised/converted
----------------------------------------------------------------------------------------------------------------------------- ----------
N/A                              N/A                  N/A                              N/A                             N/A
---------------------------------------------------------------------------------------------------------------------------------------


B 2: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT

---------------------------------------------------------------------------------------------------------------------------------------
                                   Resulting situation after the triggering transaction
--------------------------------------------------------------------------------------------------------------- ------------------------

Type of financial               Exercise              Expiration            Exercise/             Number               % of
instrument                      price                 Date                  Conversion            of voting            voting
                                                                            Period                rights               rights
                                                                                                  instrument
                                                                                                  refers to
---------------------------------------------------------------------------------------------------------------------------------------
N/A                              N/A                N/A                   N/A                   N/A                  N/A
----------------------------------------------------------------------------------------------------------------------------- ----------
9. INFORMATION IN RELATION TO THE PERSON SUBJECT TO THE NOTIFICATION
OBLIGATION:

----------------------------------------------------------------------------------------------------------------------------- ----------
Name                             % of voting rights                         % of voting rights               Total of both if it
                                 if it equals or is higher                  through financial                equals or is higher
                                 than the notifiable                        instruments if it        than the notifiable
                                 threshold                                  equals or is higher              threshold
                                                                            than the notifiable
                                                                            threshold
-------------------------------------------------------------------------------------------------------- -------------------------------
  Coronation Fund
  Managers Ltd
  Coronation
  Investment
  Management SA
  (Pty) Ltd
  Coronation Asset                                3%                                    N/A                             3%
  Management (Pty)
  Ltd

----------------------------------------------------------------------------------------------------------------------------- ----------


10. NAME OF THE PROXY HOLDER: N/A

     THE NUMBER AND % OF VOTING RIGHTS HELD: N/A

     THE DATE UNTIL WHICH THE VOTING RIGHTS WILL BE HELD: N/A

11. ADDITIONAL INFORMATION: N/A

Johannesburg
23 February 2018

Contact information

Corporate Office                                                    Registered Office
The Firs Office Building                            Suite 31, Second Floor
1st Floor, Office 101                                               107 Cheapside
Cnr. Cradock and Biermann Avenues                                   London
Rosebank, Johannesburg                                              EC2V 6DN
South Africa                                                        United Kingdom
Office: + 27 (0) 11 243 2900                                    Office: + 44 (0) 207 796 8644
Facsimile: + 27 (0) 11 880 1240                                     Facsimile: + 44 (0) 207 796 8645

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                                                         John Prior / Paul Gillam
St James's Corporate Services Limited                               Numis Securities Limited
Company Secretary                                                   Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644                                       Office: +44 (0) 20 7260 1000

Sholto Simpson                                                      Matthew Armitt / Ross Allister
One Capital                                                         Peel Hunt LLP
JSE Sponsor                                                         Joint Broker
Office: + 27 (0) 11 550 5009                                        Office: +44 (0) 207 418 8900

Julian Gwillim                                                      Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications                                      BMO Capital Markets Limited
Public & Investor Relations SA                                      Joint Broker
Office: +27 (0)11 880 0037                             Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000


www.panafricanresources.com

Date: 23/02/2018 01:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

PAN - PAN AFRICAN RESOURCES PLC - Unaudited interim results for the six months ended 31 December 2017

2018/02/13 09:05:00
Unaudited interim results for the six months ended 31 December 2017

Pan African Resources PLC
(Incorporated and registered on 25 February 2000 in England and Wales under the Companies Act 1985, 
registration number 3937466) 
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African Resources" or the "company" or the "group")

Unaudited interim results for the six months ended 31 December 2017

Key features reported in South African Rand ("ZAR" or "R") and Pound Sterling ("GBP") 

Overview
The six months ended 31 December 2017 ("current reporting period") saw the group further implement its 
strategy to provide not only a platform of stability at our operations at Barberton Mines and Evander Mines, 
but also one of improved and sustainable cash flows and production for the second half of this year and beyond.
The measures taken have seen substantial changes at all of our underground operations, with the restructuring
at Evander Mines and the increased investment in development at Barberton Mines.

The Elikhulu tailings retreatment plant ("Elikhulu") project remains on track to commence commercial 
production a number of weeks ahead of schedule, whilst the operational challenges at Barberton tailings 
retreatment plant ("BTRP") and the lower than anticipated recoveries are expected to be resolved following 
the installation of a regrind mill to assist with the processing of the coarser material encountered. The 
commissioning of Elikhulu will significantly advance Pan African's strategy of sourcing a substantial portion 
of its annual gold production from long-life, low-cost surface tailings operations. These surface tailings 
operations ensure sustainability in the challenging South African operating environment.

The delivery of 85,282oz for the half year, down 6.9% (2016: 91,613oz) is a credible performance in the light 
of the substantial challenges faced during the current reporting period. The group remained profitable despite
the currency volatility, the lost production days from industrial disputes, and the technical challenges 
at the BTRP. The group today is positioned for a stronger second half with the results of our investment in 
the BTRP regrind mill and improved grades from Barberton Mines set to deliver strong production growth and 
lower costs over the next 12 months. The group's production guidance for the full financial year is now 
approximately 177,000oz-181,000oz.


Operational key features
- The group's gold production for the current reporting period reduced by 6,331oz to 85,282oz (2016: 91,613oz),
primarily as a result of operational challenges encountered at Barberton Mines. Barberton Mines is positioned 
for an improved performance in the second half of the financial year.
- Improved overall operational and financial performance from Evander Mines.
- The Elikhulu Project is on track for commissioning early in the 2019 financial year, ahead of schedule 
and below budget.
- Improved safety performance from both Barberton Mines and Evander Mines.
- Barberton Mines' Royal Sheba Project's feasibility study will be completed in the 2018 financial year, with 
this project having the potential of increasing Barberton Mines' production by approximately 30,000oz per 
annum.
- Evander Mines' Egoli Project (previously 2010 Pay Channel project) mining feasibility study has been 
completed, with a pre-taxation internal rate of return of 46% and net present value of R1.74 billion.
- Reduced production from Barberton Mines as a result of:
  - processing challenges at the BTRP, which produced 6,289oz less compared to the prior reporting period; and
  - underground production impacted by delays in developing into Fairview's high-grade 272 and 358 platforms, 
as well as 11 production days lost (equivalent to 3,000oz) due to industrial action by employees and protests 
directed by community pressure groups.
- The group's detailed operational and financial summaries per entity are disclosed on the Pan African 
Resources website at http://www.panafricanresources.com/investors/financial-reports/.


Financial key features
- The group's earnings before interest taxation, depreciation and amortisation ("EBITDA") decreased to 
R185.6 million (2016: R476.5 million), while in GBP terms it decreased to GBP10.5 million 
(2016: GBP26.6 million). The EBITDA in the prior reporting period included a mark-to-market fair value gain 
on financial derivatives of R94.7 million compared to R19.4 million in the current reporting period.
- The group's profit after taxation in ZAR terms decreased to R58.2 million (2016: R249.8 million), while 
in GBP terms, the group's profit after taxation decreased to GBP3.3 million (2016: GBP14.0 million).
- Earnings per share ("EPS") decreased to 3.23 cents per share (2016: 16.58 cents per share), while in GBP 
terms, EPS decreased to 0.18 pence per share (2016: 0.93 pence per share).
- Group revenue from continuing operations decreased to R1,462.9 million (2016: R1,610.8 million) and, in 
GBP terms, group revenue decreased to GBP82.9 million (2016: GBP90.1 million) as a result of a decrease in 
the ZAR gold price received and gold ounces sold.
- Effective ZAR gold price received decreased by 2.4% to R551,506/kg (2016: R565,298/kg) and, in USD terms, 
it increased by 1.9% to USD1,281/oz (2016: USD1,257/oz).
- Due to the lower gold production, cash cost per kilogramme increased in ZAR terms to R473,187/kg 
(2016: R418,764/kg) and, in USD terms, the cash cost per ounce increased to USD1,099/oz (2016: USD931/oz).
- All-in sustaining cost per kilogramme increased in ZAR terms to R545,908/kg (2016: R487,765/kg) and, in 
USD terms, the all-in sustaining cost per ounce increased to USD1,268/oz (2016: USD1,084/oz).
- The group paid a final dividend of R185 million or GBP10.0 million (2016: R300 million or GBP17.1 million) 
on 21 December 2017, relating to the 2017 financial year. This dividend equated to R0.08279 per share or 
0.44561 pence per share (2016: R0.1544 per share or 0.87668 pence per share).
- The sale of Phoenix Platinum Mining Proprietary Limited ("Phoenix") to Sylvania Platinum Limited for 
R89 million was concluded on 7 November 2017.
- Net debt remained well contained at R653 million (2016: R497 million).


             For the      For the                                               For the      For the
          six months   six months                                            six months   six months
               ended        ended                                                 ended        ended
         31 December  31 December                 Salient                   31 December  31 December
Movement        2017         2016        Metric   features      Metric             2016         2017  Movement
   (6.9%)      2,653        2,849  (Kilogrammes)  Gold sold    (Oz)              91,613       85,282     (6.9%)
   (9.2%)    1,462.9      1,610.8   (R millions)  Revenue -    (GBP millions)      90.1         82.9     (8.0%)
                                                  continuing
                                 operations                    
   (2.4%)    551,506      565,298         (R/kg)  Average gold (USD/oz)           1,257        1,281      1.9%
                                                  price 
                                                  received   
   13.0%     473,187      418,764         (R/kg)  Cash costs   (USD/oz)             931        1,099     18.1%
   11.9%     545,908      487,765         (R/kg)  All-in       (USD/oz)           1,084        1,268     17.0%
                                                  sustaining 
                                                  costs
                                                  (note 1)                      
    8.8%     554,890      509,909         (R/kg)  All-in       (USD/oz)           1,134        1,289     13.7% 
                                                  costs 
                                                  (note 1)       
  (61.1%)      185.6        476.5   (R millions)  Adjusted     (GBP millions)      26.6         10.5    (60.5%) 
                                                  EBITDA 
                                                  (note 2)      
  (76.7%)       58.2        249.8   (R millions)  Attributable (GBP millions)      14.0          3.3    (76.4%)
                                                  earnings          
  (74.4%)       63.0        246.0   (R millions)  Headline     (GBP millions)      13.8          3.6    (73.9%)
                                                  earnings              
  (80.5%)       3.23        16.58        (cents)  EPS          (pence)             0.93         0.18    (80.6%)
  (78.5%)       3.51        16.32        (cents)  Headline     (pence)             0.91         0.20    (78.0%)
                                                  earnings per 
                                                  share
                                                  ("HEPS")                       
   31.4%       653.0      497.0   (R millions)  Net debt     (GBP millions)      29.4         39.2     33.3%
   10.5%       155.2        140.5   (R millions)  Total        (GBP millions)       7.9          8.8     11.3%
                                                  sustaining  
                                                  capital
                                                  expenditure                    
  242.5%       697.0        203.5   (R millions)  Total        (GBP millions)      11.5         39.5    243.5%
                                                  capital
                                                  expenditure     
    1.4%       194.3        191.7        (cents)  Net asset    (pence)             11.5         11.7      1.7%    
    value per 
                                                  share     
   19.3%     1,798.3      1,506.8     (millions)  Weighted     (millions)       1,506.8      1,798.3     19.3%
                                                  average 
                                                  number of
                                                  shares in 
                 issue                
   (4.3%)      13.39        13.99        (R/USD)  Average      (R/GBP)            17.88        17.65     (1.3%)
                                                  exchange 
                                                  rate         
   (9.8%)      12.36        13.70        (R/USD)  Closing      (R/GBP)            16.90        16.67     (1.4%)
                                     exchange 
                                                  rate         

Note 1: The all-in sustaining cost per kilogram and all-in cost per kilogram excludes the Elikhulu capital 
expenditure as well as derivative fair value mark-to-market gains/expenses and relates directly to the 
current gold mining operations.
Note 2: Adjusted EBITDA is represented by earnings before interest, taxation, depreciation and amortisation, 
profit/(loss) on asset held for sale and profit/(loss) on disposal of investments.


CEO statement

Pan African Resources CEO Cobus Loots commented:
"Our group is positioned to deliver into our objective of mining relatively low-cost, high-margin and 
sustainable gold ounces. The past 12 months has been a watershed period during which we reassessed the 
sustainability of all our operations and dealt with issues causing operational disruptions. We expect 
improved production and cost savings in the next reporting period.

We look forward to commissioning the Elikhulu Project below budget and ahead of schedule in the coming months. 
In terms of medium- to long-term gold production growth, the feasibility study for the Evander Mines' Egoli 
Project (previously called the 2010 Pay Channel) and the work completed to date on the Royal Sheba Project
at Barberton Mines, demonstrate robust economic returns in a relatively low-risk mining environment.

In light of the prevailing low ZAR gold price environment, to ensure the sustainable profitability of the 
group, we are reviewing our higher cost mining operations."


Group safety
We are pleased to report an improved group safety performance across all operations, with no fatalities in 
the current or prior reporting periods. The reportable injury frequency rate improved significantly to 0.62 
(2016: 1.61) and the lost-time injury frequency rate increased marginally to 4.05 (2016: 3.96). The group's 
total recordable injury frequency rate reduced to 14.42 (2016: 14.81).

A notable achievement is the group-wide reduction in the number of Department of Mineral Resources ("DMR") 
safety stoppages ("Section 54 regulatory notices") during the current reporting period, evidencing the 
management team's focus on addressing previously highlighted risks and the constructive relationship with 
the DMR.


Evander Mines and ETRP
Evander Mines' return to profitability is encouraging and resulted from the remedial action taken to address 
the critical shaft infrastructure and the cost base of this operation. The 5.4% increase in gold production, 
and the lower cost base, were the primary contributors to an improved operational performance.

Evander Mines' underground gold operations delivered an improved performance, with gold sold increasing to 
32,734oz (2016: 26,477oz) due to tonnages milled from underground mining increasing by 7.6% to 174,233t 
(2016: 161,872t), with the head grade also increasing by 13.0% to 6.1g/t (2016: 5.4g/t).

The existing 8 Shaft pump column experienced a number of water bursts, which contributed to lost 
production. This pump column will be fully reliable once the refurbishment programme is completed in
April 2018. As a result of the 2017 refurbishment programme, 7 Shaft pumping and other infrastructure 
performed well in the current reporting period.

Development of the new high-grade "D raise" is being accelerated with the intent of it being available for 
mining in March 2018. This raise will contribute to increased mining flexibility and access to higher-grade 
areas of the 8 Shaft orebody.

Gold production at the Evander Tailings Retreatment Plant ("ETRP") reduced to 11,937oz (2016: 15,924oz). 
In the prior reporting period the ETRP treated more surface feedstock tonnages with additional milling 
capacity allocated for surface material due to the 7 Shaft infrastructure repairs during October 2016 and the 
resultant reduced production from underground. The ETRP's current all-in sustaining cost is R316,208/kg 
(2016: R245,569/kg) or USD735/oz (2016: USD546/oz). The Elikhulu Project's all-sustaining costs are forecast 
to be lower than the ETRP due to the economy of scale benefit. As a comparative to the ETRP all-in sustaining 
costs, the Elikhulu Project's feasibility study real all-in sustaining cost of R243,816/kg or USD523/oz at a 
ZAR:USD exchange rate of R14.5:1, which equates to USD631/oz at the prevailing ZAR:USD exchange rate of R12:1.


Barberton Mines and BTRP
Barberton Mines' gold production reduced by 8,601oz to 40,611oz (2016: 49,212oz), predominantly due to the 
following, with mitigating actions addressed separately:
- BTRP gold production reduced to 8,452oz (2016: 14,741oz) due to the re-mining operation moving to the 
lower-grade Harper dump following depletion of the Bramber dump, and the head grade reducing from 2.2g/t to 
1.4g/t. The Harper dump material has a larger coarse fraction, which resulted in processing problems and a 
reduction in plant recoveries to 41% (2016: 55%). A regrind mill is being installed to reduce the Harper dumps 
coarse fraction material which will improve material handling and recoveries. Barberton Mines' underground 
mining production reduced to 32,159oz (2016: 34,471oz) due to a lack of grade flexibility in the Fairview 
MRC orebody, which curtailed the mineable tonnes at the targeted head grade. The underground tonnes milled 
increased to 124,969t (2016: 123,168t), while the head grade reduced to 8.7g/t (2016: 9.4g/t).
- Gold production was adversely impacted by disruptions from pressure groups, community unrest and protected 
and unprotected strike action at Barberton Mines, which resulted in 11 lost production days, equivalent to 
approximately 3,000oz of gold. The source of the frustration from these stakeholders is driven by issues 
unrelated to the mine and is symptomatic of the general dissatisfaction with service delivery, inter-union 
conflict, and unemployment issues that currently characterise the South African mining and other sectors.

A summary of the status of remedial actions taken by management at Barberton Mines is as follows: 
Segment: BTRP 
Challenge: Unexpected coarse fraction material encountered, resulting in reduced throughput, gold 
recoveries and gold production from the BTRP. 
Remedial action: Installation of a regrind mill to assist with material handling and improved 
recoveries from treating the Harper dump coarse fraction material.
Status: The regrind mill will be commissioned by April 2018.

Segment: Fairview underground mining flexibility
Challenge: Limited grade flexibility within the Fairview MRC orebody, with development into new platforms 
delayed. Two high-grade platforms are however now available. In addition, a portion of the high-grade 101 
platform was sterilised as a result of an unanticipated geological roll. 
Remedial action: Initial production make-up strategy was to mine pillars in previously mined high-grade 
platforms (116 and 195 platforms). Unfortunately gold production from these platforms was less than 
anticipated.

Development of two high-grade mining platforms in the MRC orebody to improve grade flexibility. This 
development is now complete.
Status: The 358 and 272 high-grade mining platforms are available to mine in the second half of the 
financial year. These platforms will be available for the next two to three years, allowing sufficient 
time to ensure development into new mining areas is on schedule.

Segment: Fairview underground mining flexibility
Challenge: Fairview mining operation is restricted by the hoisting capacity of its No 3 Decline, which is also 
used by employees to access workings below 42 Level and its high-grade 11-block of the MRC.
Remedial action: The Fairview sub-vertical shaft project will improve ore handling efficiencies and 
significantly reduce the time taken by employees to access high-grade mining platforms. The sub-vertical 
shaft project is estimated to improve production by approximately 7,000oz-10,000oz per annum.
Status: The R105 million project is scheduled for completion over the next 24 months. 

Segment: Barberton Mines
Challenge: Community unrest and protected and unprotected strikes, resulting in lost production shifts. 
Remedial action: Barberton Mines obtained court interdicts:
- To halt the communities from blocking road access to the mining operations.
- To halt the union's unprotected strikes
- National Union of Mineworkers formally put on terms, in terms of allowing unprotected and illegal strike 
action.
- Section 189 process in terms of the Labour Relations Act has commenced at Barberton Mines. Management is 
concerned that in the current difficult operating environment, further disruptions to operations may lead 
to material loss in employment. 
Status: We continue to engage with all stakeholders to limit disruptions of this nature in the future.


Mineral reserves and resources
The group's mineral resources and reserves, in compliance with the South African Code for Reporting of Mineral 
Resources and Mineral Reserves, are summarised as follows:
- Gold reserves of 11.2Moz (2016: 10.0Moz)
- Gold resources of 34.4Moz (2016: 34.9Moz)

In determining our reserves and resources, gold reserves were modelled at R550,000/kg and gold resources at 
R600,000/kg. During the current year the group's mineral resources and reserves were independently reviewed 
by SRK Consulting (South Africa) (Pty) Ltd.

There have been no material changes to the group's mineral reserves and resources statement for the year ended
30 June 2017.


Near- to medium-term growth projects

Elikhulu Project
The project is on track for commissioning early in the 2019 financial year, which is ahead of schedule and 
below budget. Capital expenditure of R671.4 million (excluding capitalised borrowing costs) has been incurred 
on the Elikhulu Project to date.  

Although the Elikhulu Project experienced community protests during the current reporting period, the project 
remains ahead of plan and all capital has been contracted, which materially reduces the risk of cost overruns 
due to price escalations.

The re-mining contract for the project was awarded to Fraser Alexander ("Fraser"). The contract incentivises 
Fraser to deliver more than one-million tonnes per month.


Barberton Mines' Royal Sheba Project
The group believes that Royal Sheba has the potential to deliver approximately 30,000oz per annum at a 
relatively low cost. The Royal Sheba orebody forms part of the Barberton Mine complex and was historically 
mined on a small scale (approximately 2,000 tonnes per month) to a depth of 340 metres below surface. Due to 
poor economic returns resulting from the low tonnage mining profile, and the prevailing low gold price at 
that time, it was closed during 1996. 

In the 2010 financial year, a concept study was completed with the aim of re-opening the mine as a larger, 
mechanised, standalone operation. The study found it was a viable proposition, but required a significant 
amount of capital expenditure for a new shaft system to be sunk from surface and the construction of a new 
gold plant.

Since the prior Royal Sheba study was completed, several synergies have been identified at the Barberton Mines 
complex, which indicates that the Royal Sheba orebody could be a viable economic proposition with materially 
lower capital investment than previously envisaged. These synergies include: 

Proposed new mining method
The orebody is conducive to sub-level open stoping, a massive mechanised mining method, which can be used to 
extract the entire orebody at lower grades but with significantly more volumes and better efficiencies. 
Using this mining method, production volumes of approximately 30,000-40,000 tonnes per month can be mined.

Underground access
A development drive is currently being developed from the Sheba Mine on 23 Level (600 metres underground) 
towards the Royal Sheba orebody, which obviates the need for the new shaft system required by the 2010 study.
A further 800 meters of development is required to access the orebody and multi-blasting is being investigated 
to reduce the development period from 36 months to approximately 18 months.

BTRP processing
The Royal Sheba ore is free milling and does not require Biox© processing, therefore the existing BTRP plant 
can be expanded at minimal cost to treat Royal Sheba's ore, resulting in a substantial capital saving.

These infrastructure synergies should contribute to progressing the Royal Sheba Project as an attractive 
prospect. It presents the group with an opportunity to increase its production in the medium term by an 
estimated 30,000oz per annum at a low capital cost. 

To improve confidence in the Royal Sheba Project, a development strategy is being pursued, which entails a 
drilling programme of 14 surface holes totalling 12,000m, and a feasibility study, which is expected to be 
completed by the end of this financial year.

Mineral resources of Royal Sheba as at 30 June 2017

                                               Royal Sheba Resource
Category                                   Tonnes                  g/t              kg (Au)                 Oz
Measured                                  385,450                 4.15               1,599              51,421
Indicated                               1,354,240                 4.35               5,891             189,398
Inferred                                  856,470                 4.40               3,726             119,782
Total Resource                          2,596,160    4.32              11,216             360,601


Evander Egoli Project (previously 2010 Pay Channel project) - Results from mining feasibility study

The Egoli Project is adjacent to the No 7 Shaft infrastructure and extends from the boundary of Taung Gold 
International Limited's No 6 Shaft mining right.

Shareholders were informed on 20 September 2017 that the group had initiated a mining feasibility study, 
conducted by DRA Global, into the viability of the Egoli Project.

The available resource of the Egoli Project orebody has increased materially (as reported on 1 February 2018)
and this, together with the study's findings, are summarised as follows:

                         Updated resource statement                                Previous resource statement 
          Egoli Project                                               Egoli Project 
                                                          Contained                                  Contained
                               Tonnes          Grade           gold         Tonnes         Grade          gold 
Category                      Million            g/t            Moz        Million           g/t           Moz 
Measured                         0.36           8.97           0.10           0.45          8.94          0.13
Indicated                        2.92           9.87           0.93           0.70          7.11          0.16
Inferred                         6.12           9.74           1.92           4.13          8.93          1.19
Total                            9.40           9.75           2.95           5.28          8.69          1.48


Mineral resources are reported in accordance with the South African Code for the Reporting of Exploration 
Results, Mineral Resources and Mineral Reserves guidelines. Cut-off values are reported applying a gold price 
of R600,000/kg (USD1,370/oz and ZAR:USD 13.62:1). Mineral resources are reported inclusive of mineral reserves.
All mineral resources reported exclude geological structures, regional pillars, middling pillars, safety 
pillars and shaft pillars. Mineral resources are reported as in-situ tonnes. Any discrepancies in totals are 
due to rounding. Mr HP Pretorius, of an independent Geological Consultant (Shango Solutions Pty Ltd), and 
registered with the South African Council of Natural Scientific Professionals (400051/11) was appointed as 
the Competent Person for the mineral resource report. Mr HP Pretorius has reviewed and approved the scientific 
and technical disclosures contained in this announcement.

The Egoli Project has more than one-million ounces of contained gold in measured and indicated categories. 
The mining feasibility highlights for the Egoli Project are:
- Initial de-watering of the declines is expected to commence during 2018.
- The mining operation will be planned to ensure waste and reef are hoisted separately.
- The life-of-mine is expected to be 14 years.
- Average recoverable gold of approximately 13,000 ounces per annum during the initial four-year development 
phase, and an average of approximately 65,000 ounces per annum for the remaining ten years thereafter is 
forecast.
- Existing available plant and shaft capacity will be used to treat mined ore.
- Peak funding requirement is forecast at approximately R572 million.
- An internal rate of return (real, pre-taxation) of 46%, with a payback period of two years following the 
initial four-year development period is forecast. This projection is based on an assumed gold price of 
USD1, 287/oz and exchange rate ZAR:USD 12.50:1, equating to R517,194/kg.
- Project, pre-taxation, net present value is R1.74 billion (USD139.4 million) at a 10% real discount rate.
- An incremental all-in sustaining cost per kilogramme of approximately R275,000/kg, or USD684/oz, on average, 
over the life of the mine.
- An average gold recovery rate of 95% and a mine call factor of 85%.


Barberton Mines' sub-vertical shaft project at Fairview
Shareholders were previously advised that the Fairview mining operation is restricted by the hoisting capacity 
of its No 3 Decline, which is used to access workings below 42 Level and the high-grade 11-block of the MRC. 
During the period under review, Fairview started constructing a new sub-vertical shaft at a cost of 
approximately R105 million over a two-year period. Following the commissioning of this shaft, it is expected 
that productivity improvements will yield an additional 7,000oz - 10,000oz of gold per annum.


Outlook
In the 2018 financial year, the remaining key focus areas for the group, from an operational perspective, 
include:
- continuing with our safety and regulatory compliance improvement projects across all operations;
- ensuring construction of the Elikhulu Project progresses ahead of schedule and below budget;
- ensuring an improved sustainable and optimal operating performance at our gold mining operations;
- further improving stakeholder engagement to minimise operational stoppages;
- operational review of higher cost operations in the group; and
- production guidance is now approximately 177,000oz-181,000oz.

The group continues to evaluate acquisitive opportunities, particularly within other African jurisdictions, 
in accordance with the group's rigorous capital allocation criteria.

We extend our appreciation to our management teams and all other staff for their hard work and persistence 
during this period. Their commitment and perseverance has enabled Pan African Resources to continue operating 
successfully. We also thank our fellow directors and shareholders for their support.


Financial performance

Exchange rates and their impact on results
All of the group's subsidiaries are incorporated in South Africa and their functional currency is ZAR. 
The group's business is conducted in ZAR and the accounting records are maintained in this same currency, 
with the exception of precious metal product sales, which are conducted in USD prior to conversion into ZAR. 
The ongoing review of the operational results by executive management and the board is also performed in ZAR.

The group's presentation currency is GBP due to its ultimate holding company, Pan African Resources, being 
incorporated in England and Wales and being dual-listed in the United Kingdom ("UK") and South Africa.

During the period under review the average ZAR:GBP exchange rate was R17.65:1 (2016: R17.88:1) and the closing 
ZAR:GBP exchange rate was R16.67:1 (2016: R16.90:1). The period-on-period change in the average and closing 
exchange rates of 1.3% and 1.4%, respectively, must be taken into account for the purposes of translating and 
comparing period-on-period results.

The group records its revenue from precious metals sales in ZAR and the strength in the value of the ZAR:USD 
exchange rate during the period under review had a negative impact on the USD revenue received when translated 
into ZAR. The average ZAR:USD exchange rate was 4.3% stronger at R13.39:1 (2016: R13.99:1).

The commentary below analyses the current and prior reporting period's results. Key aspects of the group's 
ZAR results appear in the body of this commentary and have been used as the basis against which its financial 
performance is measured. The gross GBP equivalent figures can be calculated by applying the exchange rates as 
detailed above.


Analysing the group's financial performance

Revenue
The group's total revenue from continuing operations, period-on-period, decreased in ZAR terms by 9.2% to 
R1,462.9 million (2016: R1,610.8 million) and in GBP terms decreased by 8.0% to GBP82.9 million 
(2016: GBP90.1 million).

Group revenue was mainly impacted by:
1) The average ZAR gold price received decreasing by 2.4% to R551,506/kg (2016: R565,298/kg), as a result of 
the average ZAR:USD exchange rate strengthening by 4.3% to R13.39:1 (2016: R13.99:1) and the USD gold price 
received increasing by 1.9% to USD1,281/oz (2016: USD1,257/oz).
2) Gold ounces sold decreased by 6.9% to 85,282oz (2016: 91,613oz).


Cost of production
Pan African Resources' cost of production inflation was well contained, with the cost of production increasing 
by 5.4% to R1,228.0 million (2016: R1,165.6 million).

The main cost contributors that impacted the period-on-period cost increase during the current reporting 
period are summarised as follows:
- Group gold operations' salaries and wages (represents 43.2% of the gold cost of production) increased by 
2.9% to R530.4 million (2016: R515.6 million). Salaries and wages increased in line with the gold labour 
agreements signed at the respective operation, but this was off-set by the reduction in labour costs at 
Evander Mines due to the retrenchment of employees.
- The group's electricity costs (represents 15.6% of the gold cost of production) increased by 4.6% to 
R191.5 million (2016: R183.0 million). The increase is higher than the National Energy Regulator of South 
Africa's approved average national increase of 2.2% from 1 April 2017, as a result of increased tonnages 
mined by the respective underground mining operations.
- The group's mining and processing costs (represents 25.6% of gold cost of production) increased by 3.9% to 
R314.4 million (2016: R302.6 million).
- The group's engineering and technical costs (represents 8.3% of gold cost of production) increased by 11.3% 
to R101.4 million (2016: R91.1 million). The above-inflation increase is predominantly due to the additional 
maintenance work on Evander Mines, specifically the repairs associated with Evander Mines 8 Shaft's 10 stage 
pump column repairs.

The group's cost of gold production per kilogramme increased by 13.0% to R473,187/kg (2016: R418,764/kg).
The increase is mainly attributed due to the group's sold gold decreasing by 6.9% to 85,282oz (2016: 91,613oz) 
and the 5.4% increase in cost of production.

The group's all-in sustaining cost of gold production per kilogramme (including direct cost of production, 
royalties, associated corporate costs and overheads, and sustaining capital expenditure, excluding cost-collar 
mark-to-market expenses) increased by 11.9% to R545,908/kg (2016: R487,765/kg). In USD terms the all-in 
sustaining cost per ounce increased to USD1,268/oz (2016: USD1,084/oz). The group's all-in sustaining costs 
were primarily impacted by an increase in gold production costs and a decrease in gold sold.

The all-in gold cost per kilogramme (sustaining cost of production and once-off expansion capital, but 
excluding the Elikhulu Project capital) increased by 8.8% to R554,890/kg (2016: R509,909/kg). The groups 
once-off capital period-on-period decreased by 62.6% to R23.5 million (2016: R62.9 million), due to the 
completion of the BTRP cyanide detoxification plant and Fairview's ventilation refrigeration and 
infrastructure.


Realisations costs
The group's realisation costs decreased marginally to R27.1 million (2016: R27.7 million). The realisation 
costs relate predominantly to refining charges rendered by refiners.


Depreciation costs
Depreciation from continuing operations increased by 3.3% to R104.8 million (2016: R101.5 million). The 
depreciation charge is based on the available units of production over the life of the operations.


Other expenditure and income
Other expenditure reduced to R13.3 million (2016: R34.9 million other income). In the current reporting 
period, the group recorded lower mark-to-market fair-value gains of R19.4 million (2016: R94.7 million) 
on financial derivatives.

Finance costs decreased to R14.3 million (2016: R19.0 million), predominantly due to the group's average 
debt in the reporting period declining relative to the prior reporting period. Interest incurred on the 
Elikhulu Project is capitalised, which further contributed to a reduced finance cost.


Discontinued operation
The group's discontinued operations represent Phoenix in the current reporting period and both Phoenix 
and Uitkomst Colliery Pty Ltd ("Uitkomst") in the prior reporting period as both of these operations 
have been disposed of.

The group's discontinued operations recorded a loss of R6.8 million in the current reporting period 
represented by Phoenix's loss for the period 1 July - 7 November 2017. This loss comprised of R1.9 million 
in operational losses and a R4.9 million loss on asset held for sale. In the prior reporting period 
Phoenix and Uitkomst collectively contributed R19.3 million to the group.


Taxation
The group's total taxation charge decreased to R17.6 million (2016: R90.4 million) as result of a decrease 
in the group's profit before taxation.

The taxation charge comprised of:
- a decrease in the current taxation charge by 96.8% to R1.8 million (2016: R56.8 million); and
- a decrease in the deferred taxation to R15.8 million (2016: R33.6 million), mainly due to the reduction of 
the long-term deferred taxation rate to 23.1% from 28% and 25.5% for Barberton Mines and Evander Mines, 
respectively.


EPS and HEPS
The group's EPS in ZAR decreased by 80.5% to 3.23 cents (2016: 16.58 cents). The group's HEPS in ZAR decreased 
by 78.5% to 3.51 cents (2016: 16.32 cents). The difference between the EPS and HEPS is reconciled below.

The EPS and HEPS are calculated by applying the group's weighted average number of shares in issue to the 
attributable and headline earnings. The weighted average number of shares in issue increased by 19.3% to 
1,798.3 million shares (2016: 1,506.8 million shares). The increase in shares was attributed to the additional 
291.5 million shares issued in the equity raise concluded on 12 April 2017 for the equity tranche of the 
Elikhulu Project.

The weighted average number of shares period-on-period in issue for calculating earnings per share is 
reconciled below:

                                                                          31 December 2017    31 December 2016
Shares in issue at beginning of the calendar year    1,506.8             1,943.2
Elimination of shares held by PAR Gold                                                   -              (436.4) 
Issue of shares - vendor placement (date 12 April 2017)                              291.5                   - 
Weighted average shares in issue at end of six months period                       1,798.3             1,506.8


Total headline earnings per share is calculated as follows:

                                  31 December 2017    31 December 2016    31 December 2017    31 December 2016
                                       GBP million         GBP million         ZAR million         ZAR million
Basic earnings all operations                  3.3                14.0                58.2               249.8
Adjustments:
Profit on disposal of investment                 -                (0.2)                  -                (4.6) 
Taxation on profit realised on 
disposal of investment                           -                   -                   -                 1.0
Profit on disposal of property 
plant and equipment                              -                   -                   -                (0.3) 
Taxation on profit realised on 
property plant and equipment sale                -                   -                   -                 0.1
Loss on asset held for sale                    0.3                   -                 4.9                   - 
Headline earnings                              3.6                13.8                63.1               246.0
Headline earnings per share                   0.20          0.91                3.51               16.32
Diluted headline earnings per share           0.20                0.91                3.50               16.31


Continuing operations headline earnings per share is calculated as follows:

                                  31 December 2017    31 December 2016    31 December 2017    31 December 2016
                                       GBP million         GBP million         ZAR million         ZAR million
Basic earnings continuing 
operations                                     3.7                12.9                65.0               230.5
Adjustments:
Profit on disposal of investment                 -                (0.2)                  -                (4.6) 
Taxation on profit realised on 
disposal of investment            -                   -                   -                 1.0
Profit on disposal of property 
plant and equipment                              -                   -                   -                (0.3) 
Taxation on profit realised on 
property plant and equipment sale                -                   -                   -                 0.1
Headline earnings         3.7                12.7                65.0               226.7
Headline earnings per share                   0.21                0.84                3.61               15.05
Diluted headline earnings per share           0.21                0.84                3.61               15.04


Net debt
The group net debt increased to R653.0 million (2016: R497.0 million). This comprised of total debt 
facilities utilised at 31 December 2017 of R771.7 million (2016: R565.4 million), and cash holdings of 
R118.7 million (2016: R68.4 million).

The increase in net debt was largely due to R511.7 million of capital expenditure being incurred on the 
Elikhulu Project in the current reporting period.

Summary of the long-term debt liabilities:

                                          Revolving credit facility             Evander Mines gold loan
                                  31 December 2017    31 December 2016    31 December 2017    31 December 2016
                                       ZAR million         ZAR million         ZAR million         ZAR million
Non-current portion                          610.5               458.7                   -                   - 
Current portion                               66.1                52.8                   -                53.9
Total                                        676.6               511.5                   -                53.9



                                             Elikhulu term facility                      Total
                                  31 December 2017    31 December 2016    31 December 2017    31 December 2016
                                       ZAR million         ZAR million         ZAR million         ZAR million
Non-current portion                           95.1                   -               705.6               458.7
Current portion                                  -                   -                66.1               106.7
Total                                         95.1                   -               771.7               565.4

The group's performance against the revolving credit facility debt covenant limits are summarised below:

                                                                                    December          December
                                                      Measurement                       2017              2016
Net-debt-to-equity ratio                              Must be less than 1:1             0.19            0.17:1
Net-debt-to-adjusted EBITDA ratio                     Must be less than 2.5:1           2.25            0.48:1
Interest cover ratio                                  Must be greater than 4 times      4.62             21.99
Debt service cover ratio                              Must be greater than 1.3 times    1.85                 -


Capital expenditure
Group capital expenditure for the current reporting period has been summarised per operation in the 
table below:
                                                                                         
                                                                                    Discontinued
    Continuing Operations                    Operations
                      Barberton Mines  Evander Mines       Elikhulu      Corporate       Phoenix   Group Total 
                          ZAR Million    ZAR Million    ZAR Million    ZAR Million   ZAR Million   ZAR Million    
Development capital              35.2           30.4              -              -             -          65.6
Maintenance capital              17.5           72.1              -            0.6           6.0          96.2
Sustaining capital total         52.7          102.5              -            0.6           6.0         161.8
Expansion capital                18.7            4.8          511.7              -             -         535.2
Total capital expenditure        71.4           107.3         511.7      0.6           6.0         697.0


Cash flow summary
Cash generated by operations (after dividends) decreased by R14.6 million to R29.1 million 
(2016: R43.7 million), due to the lower gold production and operating cash costs increasing by 13.0% to 
R473,187/kg (2016: R418,764/kg).

The 2017 financial year dividend payment of R185.0 million (2016: R300.0 million) was made on 21 December 2017.

The cash outflows from investing activities increased to R634.2 million (2016: R173.1 million), largely due to:
- capital expenditure incurred on Elikhulu of R511.7 million (2016: R17.8 million);
- capital expenditure incurred on operations of R185.3 million (2016: R185.7 million);
- contributions into the rehabilitation trust of R26.2 million (2016: nil); and
- cash received from the sale of Phoenix of R89.0 million (2016: R30.4 million proceeds from the sale of a 
listed investment and property plant and equipment).

Net cash inflows from financing activities increased to R563.6 million (2016: R145.2 million), largely due 
to the utilisation of the debt facilities to fund operational and project capital expenditure.


Commitments reported in ZAR and GBP
The group identified no material contingent liabilities in the current or prior reporting period.

The group had contracted outstanding open orders at period end of R1.1 billion (2016: R106.3 million), 
or GBP64.3 million (2016: GBP6.3 million). Outstanding orders in the current reporting period related 
primarily to the Elikhulu Project.

Authorised commitments for the remainder of the 2018 financial period, not yet contracted for, totalled 
R170.4 million (2016: R169.9 million) or GBP10.2 million (2016: GBP10.1 million).

At 31 December 2017, the group had guarantees in place of R24.6 million (2016: R24.6 million) or 
GBP1.5 million (2016: GBP1.4 million) in favour of Eskom Holdings SOC Limited, and R14.0 million 
(2016: R33.5 million) or GBP0.8 million (2016: GBP2 million) in favour of the DMR.

Operating lease commitments, which fall due within the next financial year, amounted to R1.8 million 
(2016: R3.7 million) or GBP0.1 million (2016: GBP0.2 million).


Fair value instruments
Financial instruments measured at fair value are grouped into levels 1 to 3 based on the extent to which fair 
value is observable. 
The levels are classified as follows:
Level 1: Fair value is based on quoted prices in active markets for identical financial assets or liabilities.
Level 2: Fair value is determined using inputs, other than quoted prices included within level 1, which are 
observable for the asset or liability.
Level 3: Fair value is determined on inputs not based on observable market data.

Level 1 financial instruments:
Pan African Resources holds 13,064,381 shares in MC Mining Ltd (previously known as Coal of Africa Ltd). 
The investment was fair valued at R91.5 million or GBP5.5 million (2016: nil), at the reporting date. 
The fair value of the listed investment is treated as Level 1 of the fair value hierarchy, as the share 
price is quoted on a stock exchange.

The group's rehabilitation trust funds are valued at R357.5 million (2016: R319.5 million) or GBP21.4 million 
(2016: GBP18.9 million), which comprise investments in guaranteed equity-linked notes and interest-bearing 
call accounts.

Level 2 financial instruments:
During the current and prior reporting period, the group had exposure to financial derivatives comprising a 
cost-collar hedge. The mark-to- market value of this cost collar asset at 31 December 2017 was R5.8 million 
or GBP0.3 million (2016: R20.2 million liability or GBP1.2 million liability).

The group's cash settled share option liability, which is valued on a mark-to-market basis according to the 
company's quoted share price, amounted to R46.3 million or GBP 2.8 million (2016: R57.8 million or 
GBP3.4 million).

Level 3 financial instruments:
The group's employee share ownership plan ("ESOP") liability is accounted for on a cash settled share option 
basis and valued on a mark-to-market basis on the net present value of the discounted future cash flows 
applicable to the beneficiaries of the schemes. The ESOP liability was R1.9 million or GBP0.1 million 
(2016: R5.6 million or GBP0.3 million).


Basis of preparation of the financial statements and accounting policies
The accounting policies applied in compiling the interim results are in terms of International Financial 
Reporting Standards ("IFRS") adopted by the European Union and South Africa, which are consistent with 
those applied in preparing the group's annual financial statements for the year ended 30 June 2017.

The financial information set out in this announcement does not constitute the company's statutory accounts 
for the period ended 31 December 2017.

The interim results have been prepared and presented in accordance with, and containing the information 
required by IAS 34: Interim Financial Reporting, as well as the SAICA Financial Reporting Guides as issued 
by the Accounting Practices Committee and Financial Pronouncements as issued by Financial Reporting 
Standards Council.

The interim results have not been reviewed or reported on by the company's external auditors.


JSE Limited Listing
The company has a dual primary listing on the main board of the JSE Limited ("JSE") and the Alternative 
Investment Market ("AIM") of the London Stock Exchange.

The preliminary announcement has been prepared in accordance with the framework concepts and the measurement 
and recognition requirements of IFRS, the AC 500 standards as issued by the Accounting Practices Board and 
the information as required by IAS 34: Interim Financial Reporting.


AIM Listing
The financial information for the period ended 31 December 2017 does not constitute statutory accounts as 
defined in sections 435 (1) and (2) of the Companies Act 2006.

The group's announcement has been prepared in accordance with IFRS and International Financial Reporting 
Interpretation Committee interpretations adopted for use by the European Union, with those parts of the 
Companies Act 2006 applicable to companies reporting under IFRS.


Directorship changes and dealings
No directorship changes took place during the period under review. 

However, the following director dealings in securities took place:
- On 29 September 2017, Mr JAJ Loots entered into a contract for difference derivative ("CFDs") for 200,000 
shares at average of GBP12.747p per share. Mr JAJ Loots had 688,765 shares at period end, representing 0.03% 
of total issued shares.
- On 29 September 2017, Mr GP Louw purchased 45,000 shares at an average price of R2.35 per share. 
Mr GP Louw had 182,450 shares outstanding at period end, representing 0.01% of total issued shares.
- On 6 October 2017, Mr T Mosololi purchased 20,000 shares at R2.30. Mr T Mosololi had 50,000 shares 
outstanding at period end, representing 0.01% of total issued shares.


Shares issued
No additional issuance of shares during the current reporting period.


Going concern
The board confirms that the business is a going concern and that it has reviewed the group's working capital 
requirements in conjunction with its future funding capabilities for at least the next twelve months and has 
found them to be adequate. The group has a R1 billion revolving credit facility from a consortium of South 
African banks as well as access to general banking facilities of R100 million. At 31 December 2017, the group 
had borrowing capacity on the revolving credit facility of R325 million (GBP19.5 million) to assist in funding
working capital requirements. The group is exposed to a number of macro-economic risk, including the gold 
price and the prevailing ZAR:USD exchange rate. Furthermore, the group is exposed to industrial action and 
an uncertain regulatory environment, which may have an adverse impact on the group's future results. 
Management is not aware of any other material uncertainties which may cast significant doubt on the group's 
ability to continue as a going concern. Should the need arise, the group can cease discretionary exploration 
and certain capital expenditure activities to conserve cash on the short to medium term and curtail loss 
making operations.


Events after the reporting period
The group entered into a restructured BEE transaction on 16 January 2018 in terms of which the current BEE 
equity shareholdings in the company (held via interests in PAR Gold Proprietary Limited ("PAR Gold") was 
replaced with BEE shareholdings in Emerald Panther Investments 91 Proprietary Limited ("SA Holdco"), a 
subsidiary of the Company (the "Transaction"). SA Holdco will house all Pan African's South African mining 
operations, following implementation of the Transaction.  Where the previous BEE ownership structure 
terminates during December 2018, the new BEE structure will only terminate on 31 December 2021, which is a 
three-year extension of the original BEE transaction. Refer to the groups' new organisational structure at 
https://www.panafricanresources.com/about-overview/company-structure/.


Segment reporting
A segment is a distinguishable component of the group engaged in providing products or services in a 
particular business sector or segment, which is subject to risks and rewards different from those of other 
segments. The group's business activities were conducted through the following business segments:

Continuing operations:
- Barberton Mines (including BTRP), located in Barberton, South Africa;
- Evander Mines (including ETRP and Elikhulu), located in Evander, South Africa;
- Corporate; and
- Pan African Resources Funding Company Proprietary Limited ("Funding Company").

Discontinued operations:
- Phoenix, located near Rustenburg, South Africa, disposed of during the current reporting period; and
- Uitkomst, located in Newcastle, South Africa, disposed of during the prior reporting period. 
The executive committee reviews the operations in accordance with the disclosures presented above.

Cobus Loots                                                          Deon Louw
Chief Executive Officer                                              Financial Director

13 February 2018

Condensed statement of profit or loss and other comprehensive income for the six month period 
ended 31 December 2017

                                  31 December 2017    31 December 2016    31 December 2017    31 December 2016
                                        (Unaudited)         (Unaudited)         (Unaudited)         (Unaudited)
                                       GBP million         GBP million         ZAR million         ZAR million
Revenue                                       82.9                90.1             1,462.9             1,610.8
Gold sales            82.9                90.1             1,462.9             1,610.8
Realisation costs                             (1.5)               (1.5)              (27.1)              (27.7) 
On-mine revenue                               81.4                88.6             1,435.8             1,583.1
Gold cost of production                      (69.6)              (65.2)           (1,228.0)           (1,165.6) 
Mining depreciation                           (5.9)               (5.7)             (104.8)             (101.5) 
Mining profit                                  5.9                17.7               103.0               316.0
Other (expenses)/income                       (0.8)                1.9               (13.3)               34.9
Profit on disposal of investment                 -                0.3                   -                 4.6
Royalty costs                                 (0.3)               (0.9)               (6.1)              (16.7) 
Net income before finance income 
and finance costs                              4.8                19.0                83.6               338.8
Finance income                                 0.7                 0.1    13.3                 1.1
Finance costs                                 (0.8)               (1.1)              (14.3)              (19.0) 
Profit before taxation                         4.7                18.0                82.6               320.9
Taxation                                      (1.0)               (5.1)              (17.6)              (90.4) 
Profit after taxation             3.7                12.9                65.0               230.5
Discontinued operations
(Loss)/profit from discontinued 
operations                                    (0.4)                1.1                (6.8)               19.3
Profit after taxation                          3.3                14.0                58.2               249.8
Other comprehensive income:
Fair value movement on available for 
sale investment                               (2.2)               (0.3)              (36.1)               (6.3) 
Foreign currency translation differences       2.7                22.4                   -                   -
Total comprehensive income for the period      3.8                36.1                22.1               243.5
Profit attributable to:
Owners of the parent                           3.3                14.0                58.2               249.8
Total comprehensive income attributable to:
Owners of the parent                           3.8                36.1                22.1               243.5
Earnings per share                            0.18                0.93                3.23               16.58
Diluted earnings per share    0.18                0.93                3.23               16.57
Weighted average number of shares 
in issue                                   1,798.3             1,506.8             1,798.3             1,506.8
Diluted number of shares in issue          1,798.9             1,507.6             1,798.9             1,507.6


Financial statements: Condensed financial information
Condensed consolidated statement of financial position as at 31 December 2017

                          31 December        30 June    31 December    31 December       30 June   31 December
                                 2017           2017           2016           2017          2017          2016
                           (Unaudited)      (Audited)    (Unaudited)    (Unaudited)   (Unaudited)   (Unaudited)
                     GBP million    GBP million    GBP million    ZAR million   ZAR million   ZAR million
Assets
Non-current assets
Property, plant 
and equipment
and mineral rights              263.7          224.7          228.0        4,396.0        3,810.7      3,854.0
Other intangible assets           0.1            0.1            0.1            1.8            1.2          2.1
Deferred taxation asset           0.5            0.8            1.6            7.7           12.9         27.1
Long-term inventory               0.7            0.7            0.2           11.6           11.6          3.7
Long-term receivables             2.6            2.5              -           42.8           43.0            - 
Goodwill                         21.0           21.0           21.0          303.5          303.5        303.5
Investments                       5.5            7.5              -           91.5          127.6            -
Rehabilitation trust fund        21.3           18.9           19.0          357.5          320.6        319.5
                                315.4          276.2          269.9        5,212.4        4,631.1      4,509.9
Current assets
Inventories            4.0            5.1            6.2           66.0           85.6        105.4
Current taxation asset            0.8            1.1            0.9           13.5           18.1         14.9
Trade and other receivables      14.7           13.7           16.4          244.7          233.1        276.8
Financial instruments assets      0.3            0.0            0.0            5.8       -            -
Cash and cash equivalents         7.1            9.4            4.0          118.7          160.2         68.4
                                 26.9           29.3           27.5          448.7          497.0        465.5
Non-current assets held
for sale                            -            5.6            0.1              -           95.2          1.3
Total assets           342.3          311.1          297.4        5,661.1        5,223.3      4,976.7
Equity and liabilities
Capital and reserves
Share capital                    22.3           22.3           19.4          318.8          318.8        269.7
Share premium                   145.4          145.4          108.9        2,261.4        2,261.4      1,638.6
Translation reserve             (34.2)         (36.8)         (36.2)             -              -            - 
Share option reserve              1.2            1.2            1.2           17.2           17.2         17.2
Retained earnings               126.6          131.3          127.4        1,776.4        1,867.0      1,806.9
Realisation of equity reserve   (10.7)         (10.7)         (10.7)        (140.6)        (140.6)      (140.6) 
Treasury capital reserve        (25.4)         (25.4)         (25.4)        (548.6)        (548.6)      (548.6) 
Merger reserve                  (10.7)         (10.7)         (10.7)        (154.7)        (154.7)      (154.7) 
Other reserves                   (2.2)             -              -          (36.1)             -            - 
Equity attributable to owners
of the parent                   212.3          216.6          173.9        3,493.8        3,620.5      2,888.5
Non-current liabilities 
Long-term provisions             11.9           11.7           12.1          198.1          197.7        205.8
Long-term liabilities            43.7           12.3           29.6          729.1          208.4        499.9
Deferred taxation liability      40.3           38.9           49.7      671.1          660.5        839.3
                                 95.9           62.9           91.4        1,598.3        1,066.6      1,545.0
Current liabilities
Trade and other payables         27.6           27.1           21.6          460.2          458.9        365.7
Financial instrument
liabilities                         -              -            1.2              -              -         20.2
Current portion of long-term
liabilities                       5.6            4.1            7.7           93.3           70.3        130.0
Current taxation liability        0.9              -            1.6           15.5            0.8         27.3
                                 34.1           31.2           32.1          569.0          530.0        543.2
Liabilities directly 
associated with assets held 
for sale                            -            0.4              -              -            6.2            - 
Total equity and liabilities    342.3          311.1          297.4        5,661.1        5,223.3      4,976.7


Condensed consolidated statement of changes in equity for the six month period ended 31 December 2017

                               Six months ended    Six months ended     Six months ended      Six months ended 
                               31 December 2017    31 December 2016     31 December 2017      31 December 2016
                                     (Unaudited)         (Unaudited)          (Unaudited)           (Unaudited)
                                    GBP million         GBP million          ZAR million           ZAR million
Shareholder's equity as 
start period                              216.6               151.0              3,620.5               2,874.4
Share option reserve                          -                 0.1                    -                   3.2
Other comprehensive income/
(expense)                                   0.4                22.1                (36.1)                 (6.3) 
Profit for the period                       3.3                14.0                 58.2                 249.8
Dividends paid                            (10.0)              (17.1)              (185.0)               (300.0) 
Reciprocal dividend                         2.0                 3.8                 36.2                  67.4
Total equity                              212.3               173.9     3,493.8               2,888.5


Condensed consolidated cash flow statement for the six month period ended 31 December 2017

                               Six months ended    Six months ended     Six months ended      Six months ended 
                               31 December 2017    31 December 2016     31 December 2017      31 December 2016
                                     (Unaudited)         (Unaudited)          (Unaudited)           (Unaudited)
                                    GBP million         GBP million          ZAR million           ZAR million 
Profits before tax 
continuing operations                       4.7                18.3                 82.6                 328.4
(Losses)/profits from 
discontinued operations                    (0.2)                1.1              (7.6)                 19.3
Profit from operations                      4.5                19.4                 75.0                 347.7
Summary of adjustments:
Royalties                                   0.3                 1.0                  6.1                  17.3
Depreciation (note 1)                       6.0                 6.5                105.2                 115.8
Gold loan deliveries                       (1.5)               (1.6)               (26.6)                (27.9) 
Fair value adjustments                        -                (5.0)                 4.0                 (89.3) 
Net finance costs                           0.1                1.0                   1.0                  18.0
Operating profit before 
working capital changes    9.4                21.3                164.7                 381.6 
(Increase)/decrease in trade and 
other receivables                          (0.9)               (2.3)               (11.5)                  0.9
Increase/(decrease) in inventory            1.1                (1.8)                19.6                 (18.3) 
Increase in trade and other payables        0.5                 3.3              14.7                   7.4
Effect of foreign exchange rate 
changes on working capital                 (0.6)               (0.3)                   -                     -
Net cash generated by operations 
before taxation, royalty and
finance costs                               9.5                20.2                187.5                 371.6
Taxation refund/(paid)                      0.4                (3.5)                 7.6                 (59.6) 
Royalty paid                               (0.4)               (1.1)                (6.5)                (18.7) 
Net finance costs paid                     (0.6)               (1.0)               (10.6)                (17.0)
Net cash generated by operations 
after taxation, royalty and
finance costs                               8.9                14.6                178.0                 276.3
Dividends paid                            (10.2)              (17.1)              (185.0)               (300.0) 
Reciprocal dividend                         2.1                 3.9                 36.1                  67.4
Cash inflow from operating activities       0.8                 1.4                 29.1                  43.7
Cash outflow from investing activities    (36.2)               (9.5)              (634.2)               (173.1) 
Cash inflow from financing activities      32.3                 8.8                563.6                 145.2
Net (decrease)/increase 
in cash equivalents                        (3.1)                0.7                (41.5)                 15.8
Cash at the beginning of period         9.4                 2.6                160.2                  52.6
Effect of foreign currency 
rate changes                                0.8                 0.7                    -                     - 
Cash and cash equivalents at 
end of period                               7.1                 4.0                118.7                  68.4

Note 1: Depreciation comprises mining and non-mining depreciation.


Condensed GBP segment report for the six month period ended 31 December 2017

31 December 2017
                                                             Continuing operations                                                                                                              
                                      Barberton             Evander                  Funding
                                          Mines               Mines            Corporate               Company
                                    GBP million         GBP million          GBP million           GBP million
Revenue
Gold sales (note 1)                        39.7                43.2                    -                     - 
Platinum sales              -                   -                    -                     - 
Coal sales                                    -                   -                    -                     - 
Realisation costs                          (0.2)               (1.3)                   -                     - 
On-mine revenue                            39.5                41.9                    -             - 
Gold cost of production                   (32.0)              (37.6)                   -                     - 
Platinum cost of production                   -                   -                    -                     - 
Coal cost of production                       -                   -                    -                     - 
Depreciation                               (2.2)               (3.7)                   -                     - 
Mining profit                               5.3                 0.6                    -                     - 
Other (expenses)/income (note 2)           (0.4)                1.1                 (1.5)                    - 
Profit on disposal of investment              -                   -                    -                     - 
Loss on sale of asset held for sale           -                   -                    -                     -
Royalty costs                              (0.2)               (0.1)                   -                     -
Net income/(loss) before 
finance income and finance costs            4.7                 1.6                 (1.5)                    -
Finance income                              0.1                 0.4                  0.2                     - 
Finance costs                                 -                   -                    -                  (0.8) 
Profit/(loss) before taxation               4.8                 2.0                 (1.3)                 (0.8)
Taxation                                   (0.5)               (0.1)                (0.4)     -
Profit/(loss) after taxation  
before inter-company charges                4.3                 1.9                 (1.7)                 (0.8)
Profit/(loss) after taxation 
from discontinued operations                  -                   -                    -                     -
Profit/(loss) after taxation 
before inter-company charges                4.3                 1.9     (1.7)                 (0.8)
Inter-company transactions
Management fees                            (0.8)               (0.2)                 1.1                  (0.1) 
Inter-company interest charges             (0.2)               (0.3)                (0.2)                  0.7
Profit/(loss) after taxation 
after inter-company charges                 3.3                 1.4                 (0.8)                 (0.2)
Segmental assets (total assets 
excluding goodwill)                        75.5               230.4                 10.3                   5.2
Segmental liabilities                      27.8                52.8                  2.7                  46.6
Goodwill                                   21.0                   -                    -                     - 
Net assets (excluding goodwill)            47.7               177.6                  7.6                 (41.4) 
Capital expenditure                         4.0                35.1                    -                     -


31 December 2017
                                                       Discontinued
                                                          operation
                               Phoenix
                                                            (Note 4)    Reclassification                 Group
                                                        GBP million          GBP million           GBP million    
Revenue
Gold sales (note 1)                                               -                    -                  82.9
Platinum sales                                                1.4                 (1.4)                    - 
Coal sales                                                        -                    -                     - 
Realisation costs                                                 -                    -                  (1.5) 
On-mine revenue                                                 1.4     (1.4)                 81.4
Gold cost of production                                           -                    -                 (69.6)
Platinum cost of production                                    (1.6)                 1.6                     - 
Coal cost of production                                           -                    -                     - 
Depreciation                                  -                    -                  (5.9) 
Mining profit                                                  (0.2)                 0.2                   5.9
Other (expenses)/income (note 2)                                  -                    -                  (0.8)
Profit on disposal of investment                                  -                    -             - 
Loss on sale of asset held for sale                            (0.3)                 0.3                     -
Royalty costs                                                     -                    -                  (0.3)
Net income/(loss) before finance income and 
finance costs                                                  (0.5)                 0.5                   4.8
Finance income                                                    -                    -                   0.7
Finance costs                                                     -                    -                  (0.8) 
Profit/(loss) before taxation                                  (0.5)                 0.5                   4.7
Taxation                                                        0.1              (0.1)                 (1.0)
Profit/(loss) after taxation before inter-company charges      (0.4)                 0.4                   3.7
Profit/(loss) after taxation from discontinued operations         -                 (0.4)                 (0.4)
Profit/(loss) after taxation before inter-company charges      (0.4)                   -                   3.3
Inter-company transactions
Management fees                                                   -                    -                     - 
Inter-company interest charges                                    -                    -                     -
Profit/(loss) after taxation after inter-company charges       (0.4)                   -                   3.3
Segmental assets (Total assets excluding goodwill)                -                    -                 321.4
Segmental liabilities                                             -                    -                 129.9
Goodwill                                                          -                    -                  21.0
Net assets (excluding goodwill)                                   -                    -                 191.5
Capital expenditure                                             0.3                    -                  39.1


31 December 2016
                                                             Continuing operations                          
                                      Barberton             Evander                                    Funding
                                          Mines               Mines          Corporate               Company
                                    GBP million         GBP million          GBP million           GBP million
Revenue
Gold sales (note 1)                        48.8                41.3                    -                     - 
Platinum sales                                -                   -                    -                     - 
Coal sales                               -                   -                    -                     - 
Realisation costs                          (0.3)               (1.2)                   -                     - 
On-mine revenue                            48.5                40.1                    -                     -  
Gold cost of production                   (29.4)              (35.8)         -                     - 
Platinum cost of production                   -                   -                    -                     - 
Coal cost of production                       -                   -                    -                     -  
Depreciation                               (2.5)               (3.2)                   -                     - 
Mining profit              16.6                 1.1                    -                     - 
Other (expenses)/income (note 2)            4.5                (0.5)                (2.1)                    - 
Profit on disposal of investment              -                   -                  0.3                     - 
Loss on sale of asset held for sale           -                   -                    -                -
Royalty costs                              (0.7)               (0.2)                   -                     - 
Net income/(loss) before finance income 
and finance costs                          20.4                 0.4                 (1.8)                    -
Finance income                                -                   -                    -                   0.1
Finance costs                                 -                   -                    -                  (1.1) 
Profit/(loss) before taxation              20.4                 0.4                 (1.8)                 (1.0)
Taxation                                   (5.4)                0.1                  0.2                     -
Profit/(loss) after taxation before  
inter-company charges          15.0                 0.5                 (1.6)                 (1.0)
Profit/(loss) after taxation from 
discontinued operations                       -                   -                    -                     - 
Profit/(loss) after taxation before 
inter-company charges                      15.0                 0.5                 (1.6)                 (1.0)
Inter-company transactions
Management fees                            (0.6)               (0.6)                 1.4                     -
Inter-company interest charges                -                (0.3)                   -                   0.5
Profit/(loss) after taxation after 
inter-company charges                      14.4                (0.4)                (0.2)                 (0.5)
Segmental assets (total assets 
excluding goodwill)                        69.4               174.0                  7.9                  (2.4)
Segmental liabilities                      28.2                57.0                  2.9                  30.3
Goodwill                                   21.0                   -                    -                     - 
Net assets (excluding goodwill)            41.2               117.0                  5.0                 (32.7) 
Capital expenditure                         4.7                 6.2                    -                     -


31 December 2016
                                        Discontinued operations
                                                           Uitkomst
                                        Phoenix             (Note 3)    Reclassification                 Group
                                    GBP million         GBP million          GBP million           GBP million
Revenue
Gold sales (note 1)                           -                   -                    -                  90.1
Platinum sales                              2.4                   -                 (2.4)                    - 
Coal sales             -                12.6                (12.6)                    - 
Realisation costs                             -                   -                    -                  (1.5) 
On-mine revenue                             2.4                12.6                (15.0)                 88.6
Gold cost of production                       -                   -                    -        (65.2)
Platinum cost of production                (2.3)                  -                  2.3                     - 
Coal cost of production                       -               (10.6)                10.6                     - 
Depreciation                               (0.4)               (0.3)                 0.7                  (5.7)
Mining profit                              (0.3)               1.7                 (1.4)                 17.7
Other (expenses)/income (note 2)            0.1                   -                 (0.1)                  1.9
Profit on disposal of investment              -                   -                    -                   0.3
Loss on sale of asset held for sale           -                   -                    -                     -
Royalty costs                                 -                   -                    -                  (0.9)
Net income/(loss) before finance income 
and finance costs                          (0.2)                1.7                 (1.5)                 19.0
Finance income                                -                   -                    -                   0.1
Finance costs                -                   -                    -                  (1.1) 
Profit/(loss) before taxation              (0.2)                1.7                 (1.5)                 18.0
Taxation                                    0.1                (0.5)                 0.4                  (5.1)
Profit/(loss) after taxation before 
inter-company charges                      (0.1)       1.2                 (1.1)                 12.9
Profit/(loss) after taxation from 
discontinued operations                       -                   -                  1.1                   1.1
Profit/(loss) after taxation before 
inter-company charges                      (0.1)                1.2                    -                  14.0
Inter-company transactions 
Management fees                   (0.1)               (0.1)                   -                     - 
Inter-company interest charges                -                (0.2)                   -                     -
Profit/(loss) after taxation after 
inter-company charges                      (0.2)                0.9                    -                  14.0
Segmental assets (total assets  
excluding goodwill)                      11.4                16.2                    -                 276.5
Segmental liabilities                       0.7                 4.6                    -                 123.7
Goodwill                                      -                   -                    -                  21.0
Net assets (excluding goodwill)            10.7                11.6                    -                 152.8
Capital expenditure                         0.2                 0.3                    -                  11.4


Note 1: All gold sales were made in the Republic of South Africa and the majority of revenue was generated from 
selling gold to South African financial institutions through the group's Funding Company.
Note 2: Other (expenses)/income exclude inter-company management fees and dividend received.
Note 3: The disposal of Pan African Resources Coal Holdings Proprietary Limited and Uitkomst was completed 
on 30 June 2017. 
Note 4: The disposal of Phoenix was completed on 7 November 2017.


Condensed ZAR segment report for the six month period ended 31 December 2017

31 December 2017
                                                             Continuing operations                      
                                      Barberton             Evander                                    Funding
                                          Mines               Mines            Corporate               Company
                                    ZAR million         ZAR million          ZAR million           ZAR million
Revenue
Gold sales (note 1)         700.3               762.6                    -                     - 
Platinum sales                                -                   -                    -                     - 
Coal sales                                    -                   -                    -                     - 
Realisation costs                          (2.9)              (24.2)                   -            - 
On-mine revenue                           697.4               738.4                    -                     - 
Gold cost of production                  (564.1)             (663.9)                   -                     - 
Platinum cost of production                   -                   -                    -                     - 
Coal cost of production                       -                 -                    -                     - 
Depreciation                              (38.3)              (66.5)                   -                     - 
Mining profit                              95.0                 8.0                    -                     - 
Other (expenses)/income (note 2)           (7.7)               20.0                (25.6)                    - 
Profit on disposal of investment              -                   -                    -                     - 
Loss on sale of asset held for sale           -                   -                    -                     - 
Royalty costs                              (2.9)               (3.2)                   -                     - 
Net income/(loss) before finance 
income and finance costs            84.4                24.8                (25.6)                    - 
Finance income                              1.2                 7.5                  3.2                   1.4
Finance costs                                 -                   -                 (0.2)                (14.1)
Profit/(loss) before taxation              85.6                32.3                (22.6)         (12.7) 
Taxation                                   (9.5)               (2.1)                (5.7)                 (0.3) 
Profit/(loss) after taxation               76.1                30.2                (28.3)                (13.0) 
Profit/(loss) after taxation 
from discontinued operations                  -                   -                    -                     - 
Profit/(loss) after taxation before 
inter-company charges                      76.1                30.2                (28.3)                (13.0)
Inter-company transactions
Management fees                           (14.6)               (3.3)                18.9                  (1.0) 
Inter-company interest charges             (4.4)               (5.0)                (3.0)                 12.4
Profit/(loss) after taxation 
after inter-company charges                57.1                21.9                (12.4)                 (1.6) 
Segmental assets (Total assets 
excluding goodwill)                     1,258.8             3,840.3                171.7                  86.7
Segmental liabilities                     463.9               882.4                 43.8                 777.3
Goodwill                        303.5                   -                    -                     - 
Net assets (excluding goodwill)           794.9             2,957.9                127.9                (690.6) 
Cap