Pan African Resources Plc – Holding(s) in Company

TR-1: Standard form for notification of major holdings

NOTIFICATION OF
MAJOR HOLDINGS
(to
be sent to the
relevant issuer
and
to the FCA in
Microsoft Word
format
if possible)i

1a. Identity of Pan African Resources
the issuer or the PLC
underlying issuer
of existing (Incorporated and
shares registered in England
to which voting and Wales
rights are
attachedii: under the Companies Act
1985 with registration

number 3937466 on 25
February 2000)

Share code on AIM: PAF

Share code on JSE: PAN

ISIN: GB0004300496
1b. Please
indicate if the
issuer is
a non-UK issuer
(please mark with
an
«X» if
appropriate)
Non-UK issuer
2. Reason for the
notification
(please mark the
appropriate box
or
boxes with an
«X»)
An acquisition or X
disposal of
voting
rights
An acquisition or
disposal of
financial
instruments
An event changing
the breakdown of
voting rights
Other (please
specify)iii:
3. Details of
person subject to
the
notification
obligationiv
Name Peregrine Capital (Pty)
Ltd
City and country Johannesburg, SOUTH
of registered AFRICA.
office (if
applicable)
4. Full name of
shareholder(s)
(if
different from
3.)v
Name
City and country
of registered
office (if
applicable)
5. Date on which 20/02/2026
the threshold was
crossed or
reachedvi:
6. Date on which 24/02/2026
issuer notified
(DD/MM/YYYY):
7. Total
positions of
person(s)
subject to the
notification
obligation
% of voting % of voting Total of both Total
rights rights in % (8.A + number of
attached to through 8.B) voting
shares financial rights of
(total instruments issuervii
of 8. A) (total of
8.B 1 + 8.B
2)
Resulting 4.69 0 4.69 109,445,937
situation on the
date on
which threshold
was crossed or
reached
Position of 5.65 0 5.65
previous
notification
(if

applicable)

8. Notified
details of the
resulting
situation on
the date on
which the
threshold was
crossed or
reachedviii
A: Voting
rights
attached to
shares
Class/type of Number of % of voting rights
shares voting
rightsix
ISIN code (if
possible)
Direct Indirect Direct Indirect

(Art 9 of (Art 10 of (Art 9 of (Art 10 of Directive
Directive Directive Directive 2004/109/EC)
2004/109/EC) 2004/109/EC) 2004/109/EC) (DTR5.2.1)
(DTR5.1) (DTR5.2.1) (DTR5.1)
GB0004300496 109,445,937 4.69

SUBTOTAL 8. A 109,445,937 4.69

B 1: Financial
Instruments
according to
Art. 13(1)(a)
of Directive
2004/109/EC
(DTR5.3.1.1
(a))
Type of Expiration Exercise/ Number of voting
% of
financial datex Conversion rights that may be
voting
instrument Periodxi acquired if the
rights
instrument is

exercised/converted.

SUBTOTAL
8. B 1

B 2: Financial
Instruments
with similar
economic
effect
according to
Art. 13(1)(b)
of Directive
2004/109/EC
(DTR5.3.1.1
(b))
Type of Expiration Exercise/ Physical or
Number of % of
financial datex Conversion cash
voting voting
instrument Period xi
rights rights
settlementxii

SUBTOTAL
8.B.2

9. Information
in relation to
the person
subject to the
notification
obligation
(please mark
the

applicable box
with an «X»)
Person subject
to the
notification
obligation is
not controlled
by any natural
person or
legal entity
and does not
control any
other
undertaking(s)
holding
directly or
indirectly an
interest in
the
(underlying)
issuerxiii
Full chain of
controlled
undertakings
through which
the voting
rights and/or
the
financial
instruments
are
effectively
held starting
with the
ultimate
controlling
natural person
or legal
entityxiv
(please add
additional
rows as
necessary)
Namexv % of voting rights if it equals or is % of voting Total of both
higher than the notifiable threshold rights if it equals or
through is higher than
financial the notifiable
instruments threshold
if it
equals or
is higher
than the
notifiable
threshold

10. In case of
proxy voting,
please
identify:
Name of the
proxy holder
The number and
% of voting
rights held
The date until
which the
voting rights
will be held

11. Additional
informationxvi

+——————-+————————–+
|Place of completion|JOHANNESBURG, SOUTH AFRICA|
+——————-+————————–+
|Date of completion |24/02/2026 |
+——————-+————————–+

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