REG-Pan African Resources Plc: Completion of Phase 1 of Share Buyback

Pan African ResourcesAnnouncement

12/05/2022 07:15

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 The Firs Office Building 2nd Floor, Office 204 Corner Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0) 11 243 2900 info@paf.co.za  Registered Office Suite 31 Second Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0) 20 7796 8644  
 Chief executive officer  Cobus Loots Office: + 27 (0) 11 243 2900                                                                                                                    Financial director Deon Louw Office: + 27 (0) 11 243 2900                                                           
 Head: Investor relations  Hethen Hira Tel: + 27 (0)11 243 2900 E-mail: hhira@paf.co.za                                                                                               Website: www.panafricanresources.com                                                                                
 Company secretary Phil Dexter/Jane Kirton  St James's Corporate Services Limited Office: + 44 (0) 20 7796 8644                                                                       Nominated Adviser and Joint Broker Ross Allister/Alexander Allen  Peel Hunt LLP Office: +44 (0) 20 7418 8900        
 JSE Sponsor Ciska Kloppers  Questco Corporate Advisory Proprietary Limited Office: + 27 (0) 11 011 9200                                                                              Joint Broker Thomas Rider/Nick Macann  BMO Capital Markets Limited Office: +44 (0) 20 7236 1010                     



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