PAN AFRICAN RESOURCES PLC - Capital Reduction

Capital Reduction

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


                                       CAPITAL REDUCTION

Pan African shareholders (Shareholders) are referred to the announcements published on
17 February 2026, 26 March 2026 and 28 April 2026 relating to, inter alia, the proposed share capital
reduction involving the cancellation of the Company's share premium account and the cancellation and
extinguishment of certain shares in the Company's capital (Capital Reduction).

Pan African is pleased to advise that the court order approving the Capital Reduction was registered at
Companies House in the UK on 21 May 2026. Accordingly, the Capital Reduction is now effective.


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

Rosebank
22 May 2026


 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                                    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
 Ciska Kloppers                                       Thomas Rider/Nick Macann
 Questco Corporate Advisory Proprietary               BMO Capital Markets Limited
 Limited                                              Office: +44 (0)20 7236 1010
 Office: + 27 (0) 63 482 3802
                                                      Joint Broker
                                                      Matthew Armitt/Jennifer Lee
                                                      Joh. Berenberg, Gossler & Co KG
                                                      (Berenberg)
                                                      Office: +44 (0)20 3207 7800

Date: 22-05-2026 10:00:00
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