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")

    Notice of General Meeting

    Notice is hereby given that a General Meeting of Shareholders ("General
    Meeting") will be held at the offices of Numis Securities Limited, The London
    Stock Exchange Building,         10 Paternoster Square, London EC4M 7LT on
    Thursday, 9 February 2017 at 09:30. Please note that as the General Meeting
    will be held at The London Stock Exchange ("LSE") all attendees will be
    required to show ID in order to gain entry to the meeting venue.

    The resolutions passed at the Company's Annual General Meeting held on 25
    November 2016 did not include the customary resolution to disapply the
    statutory pre-emption rights or, as is required in terms of the Listings
    Requirements of the JSE Limited ("JSE"), to allow the Company to carry out a
    general issue of ordinary shares for cash ("General Issue").  The Company now
    wishes to obtain the rights to provide the board of directors ("Board") with
    the flexibility to proceed with a General Issue, as and when suitable
    opportunities arise.

    Accordingly, the General Meeting is being convened in order to propose, amongst
    other things, a resolution to disapply the statutory pre-emption rights and a
    resolution as required by the JSE to allow the Company to proceed with a
    General Issue.

    A circular to Shareholders ("the Circular") setting out details of the proposed
    resolutions, including the notice convening the General Meeting, will be posted
    to Shareholders on Tuesday, 17 January 2017.

    Shareholders are advised that the Circular and Notice of General Meeting will
    be available on the Company's website http://www.panfricanresources.com from
    Tuesday, 17 January 2017.

    Salient dates and times in relation to the General Meeting

    The salient dates and times in relation to the General Meeting are set out
    below:

                                                                             2017
                                                                                 
    Posting of Circular and notice of General Meeting         Tuesday, 17 January
                                                                                 
    Last day to trade to be eligible to participate and      Thursday, 2 February
    vote at the General Meeting                                                  
                                                                                 
    Record date to be eligible to participate and vote        Tuesday, 7 February
    at the General Meeting                                                       
                                                                                 
    Latest time and date for receipt of completed forms       Tuesday, 7 February
    of proxy for the General Meeting (or electronic                              
    proxy appointments) at 09:30 a.m. GMT                                        
                                                                                 
    Latest time and date for receipt of CREST Proxy           Tuesday, 7 February
    Instruction  at 09:30 a.m. GMT                                               
                                                                                 
    General Meeting be held at 9.30 a.m. GMT on Tuesday,     Thursday, 9 February
    7 February 2017 at the offices of Numis Securities                           
    Limited at The London Stock Exchange Building, 10                            
    Paternoster Square, London EC4M 7LT                                          
                                                                                 
    Results of General Meeting released on the               Thursday, 9 February
    regulatory news service of the JSE and the LSE                               

    Notes:

     1. The dates and times above are subject to change.  Any changes will be
        released on the regulatory news service of the JSE and the LSE. All times
        in this announcement are GMT unless otherwise stated.
       
     2. Should the General Meeting be adjourned or postponed, it is requested that
        forms of proxy be received by no later than 48 hours (excluding Saturdays,
        Sundays and statutory or proclaimed public holidays in South Africa and the
        United Kingdom) prior to the time of the adjourned or postponed General
        Meeting.


    Johannesburg
    16 January 2017

    CONTACT INFORMATION

    Corporate Office
    The Firs Office Building
    1st Floor, Office 101
    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                                                   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

    Natalie Di-Sante                                              Matthew Armitt /
    Ross Allister
    Standard Bank                                                Peel Hunt LLP
    JSE Transaction Sponsor                              Joint Broker
    Office: + 27 (0) 11 721 6125                          Office: +44 (0) 207 418
    8900

    Julian Gwillim              Lorna Cobbett
    Aprio Strategic Communications                    Bell Pottinger PR
    Public & Investor Relations SA                       Public & Investor
    Relations UK
    Office: +27 (0)11 880 0037                            Office: + 44 (0) 203 772
    2564

    Jeffrey Couch/Neil Haycock/Thomas Rider
    BMO Capital Markets Limited
    Joint Broker
    Office: +44 (0) 207 236 1010

    www.panafricanresources.com