Director’s dealings in securities

Pan African Resources PLC                            Pan African Resources Funding Company
(Incorporated and registered in England and Wales    Limited
under the Companies Act 1985 with registered         Incorporated in the Republic of South
number 3937466 on 25 February 2000)                  Africa with limited liability
Share code on AIM: PAF                               Registration number: 2012/021237/06
Share code on JSE: PAN                               Alpha code: PARI
ISIN: GB0004300496
ADR ticker code: PAFRY
("Pan African Resources" or the "Company")


DIRECTOR'S DEALINGS IN SECURITIES


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



The Company announces it has received notification that the Financial Director, Marileen Kok,
acquired 20,000 ordinary shares of 1p each in Pan African Resources on 8 October 2025.

Following this transaction, Ms Kok has a direct beneficial interest of 45,000 ordinary shares,
representing 0.0019 % of the Company's issued share capital.

The below information and notification are made in accordance with the EU Market Abuse
Regulation and the JSE Listings Requirements.



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

 a)   Name:                             Marileen Kok


 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:                              213800EAXURCXMX6RL85
 4.   Details of the transaction(s):
      section to be repeated for (i)
      each type of instrument; (ii)
      each type of transaction; (iii)
      each date; and (iv) each place
      where transactions have been
      conducted

 a)   Description of the financial          Ordinary shares of 1p each
      instrument, type of instrument:

                                            Identification code: GB0004300496

 b)   Nature of the transaction:            Acquisition of shares



 c)   Price(s) and volume(s):               Acquisition of 20,000 shares at ZA 2,125.00 cents per
                                            share.



 d)   Aggregated information:               Acquisition value of ZAR 425,000.00



 e)   Date of the transaction:              8 October 2025

 f)   Place of the transaction:             Johannesburg Stock Exchange



Additional information disclosed in accordance with the JSE Listings Requirements:

 a)     Nature of interest of executive:                      Direct beneficial



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

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

 d)     Total value of transactions                           ZAR 425,000

 e)     Holding following transactions:                       Direct beneficial 45,000 ordinary
                                                              shares



Johannesburg

9 October 2025

For further information on Pan African, please visit the Company's website at

www.panafricanresources.com
Corporate information
Corporate Office                                 Registered Office
The Firs Building                                107 Cheapside, 2nd Floor
2nd Floor, Office 204                            London, EC2V 6DN
Corner Cradock and Biermann Avenues              United Kingdom
Rosebank, Johannesburg                           Office: + 44 (0)20 3869 0706
South Africa                                     jane.kirton@corpserv.co.uk
Office: + 27 (0)11 243 2900
info@paf.co.za

Chief Executive Officer                          Financial Director and debt officer
Cobus Loots                                      Marileen Kok
Office: + 27 (0)11 243 2900                      Office: + 27 (0)11 243 2900

Head: Investor Relations                         Website: www.panafricanresources.com
Hethen Hira
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za

Company Secretary                                Nominated Adviser and Joint Broker
Jane Kirton                                      Ross Allister/Georgia Langoulant
St James's Corporate Services Limited            Peel Hunt LLP
Office: + 44 (0)20 3869 0706                     Office: +44 (0)20 7418 8900

JSE Sponsor & JSE Debt Sponsor                   Joint Broker                                  Formatted: Danish
Ciska Kloppers                                   Thomas Rider/Nick Macann
Questco Corporate Advisory Proprietary Limited   BMO Capital Markets Limited
Office: + 27 (0) 63 482 3802                     Office: +44 (0)20 7236 1010

                                                 Joint Broker
                                                 Matthew Armitt/Jennifer Lee
                                                 Joh. Berenberg, Gossler & Co KG (Berenberg)
                                                 Office: +44 (0)20 3207 7800

Date: 09-10-2025 12:00:00
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