Company Announcements

        
          Pan African Resources PLC

(Incorporated and registered in England
and Wales under the Companies Act 1985
with registered number 3937466 on 25    Pan African Resources Funding CompanyFebruary 2000)                          Limited

Share code on AIM: PAF                  Incorporated in the Republic of South
                                        Africa with limited liability
Share code on JSE: PAN
                                        Registration number: 2012/021237/06
ISIN: GB0004300496
                                        Alpha code: PARI
ADR ticker code: PAFRY

(“Pan African” or the “Company” or the
“Group”)

(Key features are reported in United States dollar (US$) and South African rand (ZAR))

GROUP TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2023 (CURRENT REPORTING PERIOD)

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next, will differ by at least 20% from those of the six months ended 31 December 2022 (corresponding reporting period).

 

Pan African’s presentation currency is the US$ and its functional currency is the ZAR. Movements in the US$/ZAR exchange rate affects the Group’s US$ reported results. The average US$/ZAR exchange rate, that prevailed during the current financial year, is used in translating the Group’s ZAR financial performance into US$.

 

During the current reporting period, the average US$/ZAR exchange rate was US$/ZAR:18.69 (2022: US$/ZAR:17.33), and the closing US$/ZAR exchange rate as at 31 December 2023 was US$/ZAR:18.30 (2022: US$/ZAR:17.01).

 

The year-on-year change in the average and closing exchange rates of 7.8% and 7.6%, respectively, must be considered when comparing period-on-period results. The weighted average number of outstanding shares as at 31 December 2023 was 1,916,503,988 shares (2022: 1,916,503,988 shares).

 

Pan African advises shareholders that its headline earnings per share (HEPS) and earnings per share (EPS) for the current reporting period are expected to be between US 2.14 cents per share and US 2.30 cents per share, compared to US 1.52 cents per share for the corresponding reporting period, an increase of between 41% and 51%.

 

The increases in HEPS and EPS for the current reporting period, relative to the corresponding reporting period, are largely as a result of a 23.9% increase in revenue to US$193.9 million (2022: US$156.5 million), attributable to the following:  

    --  gold sold volumes increased by 8.9% to 98,458oz (2022: 90,439oz); and
    --  the average US$ gold price received during the current reporting period
        increased by 13.7% to US$1,961/oz (2022: US$1,725/oz).

 

The financial information contained in this announcement has neither been reviewed nor audited by the Company’s auditors. The Group’s results for the six months ended 31 December 2023 will be released on 14 February 2024.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

 

Rosebank

2 February 2024

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

www.panafricanresources.com

 ___________________________________________________________________________
|Corporate information                                                      |
|___________________________________________________________________________|
|Corporate office                      |Registered office                   |
|                                      |                                    |
|The Firs Building                     |2nd Floor                           |
|                                      |                                    |
|2nd Floor, Office 204                 |107 Cheapside                       |
|                                      |                                    |
|Corner Cradock and Biermann Avenues   |London                              |
|                                      |                                    |
|Rosebank, Johannesburg                |EC2V 6DN                            |
|                                      |                                    |
|South Africa                          |United Kingdom                      |
|                                      |                                    |
|Office: + 27 (0) 11 243 2900          |Office: + 44 (0) 20 7796 8644       |
|                                      |                                    |
|info@paf.co.za|info@paf.co.za                      |
|______________________________________|____________________________________|
|Chief executive officer               |Financial director                  |
|                                      |                                    |
|Cobus Loots                           |Deon Louw                           |
|                                      |                                    |
|Office: + 27 (0) 11 243 2900          |Office: + 27 (0) 11 243 2900        |
|______________________________________|____________________________________|
|Head: Investor relations              |                                    |
|                                      |                                    |
|Hethen Hira                           |Website: www.panafricanresources.com|
|Tel: + 27 (0) 11 243 2900             |                                    |
|E-mail: hhira@paf.co.za               |                                    |
|______________________________________|____________________________________|
|Company secretary                     |Nominated adviser and joint broker  |
|                                      |                                    |
|Jane Kirton                           |Ross Allister/Bhavesh Patel         |
|                                      |                                    |
|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|BMO Capital Markets Limited         |
|Limited                               |                                    |
|                                      |Office: +44 (0) 20 7236 1010        |
|Office: + 27 (0) 11 011 9200          |                                    |
|______________________________________|____________________________________|
|                                      |Joint broker                        |
|                                      |                                    |
|                                      |Matthew Armitt/Jennifer Lee         |
|                                      |                                    |
|                                      |Joh. Berenberg, Gossler & Co KG     |
|                                      |(Berenberg)                         |
|                                      |                                    |
|                                      |Office: +44 (0) 20 3207 7800        |
|______________________________________|____________________________________|