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
   ADR ticker code: PAFRY
   (“Pan African” or the “Company” or the “Group”)


   PAN AFRICAN RESOURCES PLC COMPLETION OF PHASE 1 OF SHARE BUYBACK

   Pan African, the South African gold producer, is pleased to announce that Phase 1 of the Company's
   share buyback programme ("the Programme"), as announced on 1 April 2022, has been completed.

   Under the Programme, between 1 April and 9 May 2022, the Company has repurchased in aggregate
   11,825,491 ordinary shares of £0.01 pence each in the Company ("Ordinary Shares") for a total
   consideration of ZAR 50.3 million (approximately £2.55 million). A total of 7,568,744 Ordinary Shares
   have been bought back on the London Stock Exchange at a volume weighted average price of 21.67
   pence per share. A total of 4,256,747 Ordinary Shares have been bought back on the Johannesburg
   Stock Exchange at a volume weighted average price of 418.21 South African cents per share.

   All shares purchased under the Programme have been cancelled.

   The Company therefore has 2,222,862,046 ordinary shares of £0.01 each in issue, of which
   306,358,058 ordinary shares are held in treasury. The above figure of 2,222,862,046 may be used by
   shareholders as the denominator for calculating whether they are required to notify their interest in,
   or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency
   Rules.

   The information contained in this update is the responsibility of the Pan African board of directors and
   has not been reviewed or reported on by the Group’s external auditors.

   Rosebank

   12 May 2022

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

   www.panafricanresources.com



Corporate information

Corporate office                                        Registered Office

The Firs Office Building                                Suite 31

2nd Floor, Office 204                                   Second Floor

Corner Cradock and Biermann Avenues                     107 Cheapside

Rosebank, Johannesburg                                  London



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South Africa                                     EC2V 6DN

Office: + 27 (0) 11 243 2900                     United Kingdom

info@paf.co.za                                   Office: + 44 (0) 20 7796 8644


Chief executive officer                          Financial director

Cobus Loots                                      Deon Louw

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

Phil Dexter/Jane Kirton                          Ross Allister/Alexander Allen

St James's Corporate Services Limited            Peel Hunt LLP

Office: + 44 (0) 20 7796 8644                    Office: +44 (0) 20 7418 8900

JSE Sponsor                                      Joint Broker

Ciska Kloppers                                   Thomas Rider/Nick Macann

Questco Corporate Advisory Proprietary Limited   BMO Capital Markets Limited

Office: + 27 (0) 11 011 9200                     Office: +44 (0) 20 7236 1010




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