Secondary Listing on A2X Markets

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

ADR ticker code: PAFRY

ISIN: GB0004300496

SECONDARY LISTING ON A2X MARKETS (“A2X”)

Pan African is pleased to advise shareholders that its ordinary shares will be traded on the A2X exchange with effect from Monday, 13 December 2021 (the “A2X Listing Date”).

Pan African will retain its primary listings on the Alternative Investment Market (“AIM”) of the London Stock Exchange and the Johannesburg Stock Exchange (“JSE”) and its level-1 ADR programme in the United States of America (ADR). Its issued share capital will be unaffected by the secondary listing on A2X and its ordinary shares will be available to be traded on the AIM, JSE, ADR and A2X from the A2X Listing Date.

A2X is a licensed stock exchange authorised to provide a secondary listing venue for companies and is regulated by the Financial Sector Conduct Authority and the South African Reserve Bank’s Prudential Authority, in terms of the Financial Markets Act 19 of 2012.

Pan African’s Chief Executive Officer, Cobus Loots, commented:

“The A2X listing affords the Company’s shareholders another platform on which to trade and it should contribute to lower transaction costs and improved liquidity in our stock.”

Rosebank

6 December 2021

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 Corner 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/Nick Macann 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