Director/PDMR Shareholding

Pan African Resources PLC
(Incorporated and registered in England and Wales under the 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)

PDMR Dealings

Pan African announces that, following the restructuring of the Group’s long-term incentive schemes as announced on 17 September 2020, the Company has received notifications from the Directors and Persons Discharging Managerial Responsibilities (PDMR) set out in the tables below.

As part of the restructuring, certain executive directors and prescribed officers have agreed to relinquish the share options issued to them under the Pan African Corporate Share Option Scheme established (PACOS). In addition, the executive directors namely Cobus Loots (Chief Executive Officer) and Deon Louw (Financial Director) have agreed to relinquish their entitlement to receive shares in respect of the terms of their employment contracts. In lieu of the aforementioned relinquishments, the executive directors and prescribed officers will receive a restricted class B ordinary shares of no par value in the share capital of PAR Gold Proprietary Limited in terms of a newly established Pan African B Executive Incentive Scheme.

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.	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 instrument Identification code	Options over ordinary shares of 1p each Identification code: GB0004300496
b.	Nature of the transaction	Relinquishment of share options
c.	Price(s) and volume(s)	Price(s) Volume(s) n/a 12,427,686
d.	Aggregated information	See above
e.	Date of the transaction	16 September 2020
f.	Place of the transaction	Off market

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.	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 instrument Identification code	Ordinary shares of 1p each Identification code: GB0004300496
b.	Nature of the transaction	Relinquishment of share entitlement
c.	Price(s) and volume(s)	Price(s) Volume(s) n/a 5,000,000
d.	Aggregated information	See above
e.	Date of the transaction	16 September 2020
f.	Place of the transaction	Off market

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.	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 instrument Identification code	Options over ordinary shares of 1p each Identification code: GB0004300496
b.	Nature of the transaction	Relinquishment of share options
c.	Price(s) and volume(s)	Price(s) Volume(s) n/a 8,690,599
d.	Aggregated information	See above
e.	Date of the transaction	16 September 2020
f.	Place of the transaction	Off market

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.	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 instrument Identification code	Ordinary shares of 1p each Identification code: GB0004300496
b.	Nature of the transaction	Relinquishment of share entitlement
c.	Price(s) and volume(s)	Price(s) Volume(s) n/a 3,100,000
d.	Aggregated information	See above
e.	Date of the transaction	16 September 2020
f.	Place of the transaction	Off market

1.	Details of the person discharging managerial responsibilities / person closely associated
a.	Name	Andre van den Bergh
2.	Reason for the notification
a.	Position/status	Chief Operating Officer
b.	Initial notification/Amendment	Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	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 instrument Identification code	Options over ordinary shares of 1p each Identification code: GB0004300496
b.	Nature of the transaction	Relinquishment of share options
c.	Price(s) and volume(s)	Price(s) Volume(s) n/a 8,109,463
d.	Aggregated information	See above
e.	Date of the transaction	16 September 2020
f.	Place of the transaction	Off market

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.	Name	PAR Gold Proprietary Limited
b.	LEI	N/A
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 instrument Identification code	Restricted class B ordinary shares of no par value
b.	Nature of the transaction	Award of shares
c.	Price(s) and volume(s)	Price(s) Volume(s) R0.0001 17,107,579
d.	Aggregated information	See above
e.	Date of the transaction	16 September 2020
f.	Place of the transaction	Off market

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.	Name	PAR Gold Proprietary Limited
b.	LEI	N/A
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 instrument Identification code	Restricted class B ordinary shares of no par value
b.	Nature of the transaction	Award of shares
c.	Price(s) and volume(s)	Price(s) Volume(s) R0.0001 11,523,153
d.	Aggregated information	See above
e.	Date of the transaction	16 September 2020
f.	Place of the transaction	Off market

1.	Details of the person discharging managerial responsibilities / person closely associated
a.	Name	Andre van den Bergh
2.	Reason for the notification
a.	Position/status	Chief Operating Officer
b.	Initial notification/Amendment	Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	PAR Gold Proprietary Limited
b.	LEI	N/A
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 instrument Identification code	Restricted class B ordinary shares of no par value
b.	Nature of the transaction	Award of shares
c.	Price(s) and volume(s)	Price(s) Volume(s) R0.0001 7,541,800
d.	Aggregated information	See above
e.	Date of the transaction	16 September 2020
f.	Place of the transaction	Off market

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

www.panafricanresources.com

Contact information
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 [e-mail]	Registered Office Suite 31 Second Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0)20 7796 8644
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/Jane Kirton St James's Corporate Services Limited Company Secretary Office: + 44 (0)20 7796 8644	Ross Allister/David McKeown Peel Hunt LLP Nominated Adviser and Joint Broker Office: [phone]
Ciska Kloppers Questco Corporate Advisory Proprietary Limited JSE Sponsor Office: + 27 (0)11 011 9200	Thomas Rider/Neil Elliot BMO Capital Markets Limited Joint Broker Office: [phone]
Hethen Hira Pan African Resources PLC Head: Investor Relations Tel: + 27 (0)11 243 2900 E-mail: [e-mail]	Website: www.panafricanresources.com