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Trading Statement for the six months ended 31 December 2019
Pan African Resources PLC
(Incorporated and registered in England and Wales
under Companies Act 1985 with registered number
3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
(“Pan African” or “the Company”)
TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
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 upon next, will differ by at least 20% from those of the previous
corresponding period.
Pan African changed its presentation currency from pounds sterling (“GBP”) in the previous reporting
period to United States dollars (“USD”) for the six months ended 31 December 2019 (“current reporting
period”). Reporting in USD provides a more comparable presentation currency for the group’s financial
position, financial performance and cash flow. All group subsidiaries are incorporated in South Africa and
their functional currency is South African rand (“ZAR”). The group’s business is conducted in ZAR and the
accounting records are maintained in the same currency, except precious metal product sales, which are
conducted in USD prior to conversion into ZAR.
The ZAR:USD exchange rate affects the reporting of results in USD. For the current reporting period, the
average ZAR:USD exchange rate is used in translating ZAR results into USD.
During the current reporting period, the average ZAR:USD exchange rate was R14.70:1 (2018: R14.19:1),
and the closing ZAR:USD exchange rate was R14.08:1 (2018: R14.36:1). The H1-on-H1 change in the
average and closing exchange rates of 3.6% and (1.9%), respectively, must be taken into account for the
purposes of translating and comparing H1-on-H1 results. The weighted average number of shares in issue
remained unchanged at 1,928.3 million shares (2018: 1,928.3 million shares).
Pan African advises shareholders that its USD earnings per share (“EPS”) and headline earnings per share
(“HEPS”) in respect of its operations for the current reporting period are expected to be as follows:
Six months ended Six months ended
31 December 2019 Six months ended 31 December 2019
Expected results 31 December 2018 Expected % increase
(USD cents) in USD earnings
GBP USD
Lower range Upper range Lower range Upper range
(pence)(2) (cents)(3)
EPS (1) 1.12 1.17 0.39 0.50 124% 134%
HEPS (1) 1.11 1.16 0.39 0.50 122% 132%
Notes
(1) The considerable improvement in EPS and HEPS are principally due to the following:
• Increased low-cost gold production from Elikhulu tailings retreatment plant, with the operation
increasing gold sales by 91.6% to 29,301oz (2018: 15,292oz);
• A sizeable increase of 19.8% in the average gold price received to USD1,464/oz (2018:
USD1,222/oz); and
• Production from remnant mining and surface sources at Evander operations increasing by 7.4%
to 16,284oz (2018: 15,166oz).
(2) As previously presented, given that the corresponding reporting period’s presentation currency was
GBP.
(3) EPS and HEPS in USD, using the average exchange rates for the corresponding reporting period.
The financial information contained in this announcement has neither been reviewed nor audited by the
Company’s auditors. The group’s unaudited interim results for the six months ended 31 December 2019
will be released on 18 February 2020.
For further information on Pan African, please visit the Company’s website at
www.panafricanresources.com
31 January 2020
Contact information
Corporate Office Registered Office
The Firs Office Building Suite 31
2nd Floor, Office 204 Second Floor
Cnr. Cradock and Biermann Avenues 107 Cheapside
Rosebank, Johannesburg London
South Africa EC2V 6DN
Office: + 27 (0)11 243 2900 United Kingdom
info@paf.co.za Office: + 44 (0)20 7796 8644
Cobus Loots Deon Louw
Pan African Resources PLC Pan African Resources PLC
Chief Executive Officer Financial Director
Office: + 27 (0)11 243 2900 Office: + 27 (0)11 243 2900
Phil Dexter/Jane Kirton John Prior
St James's Corporate Services Limited Numis Securities Limited
Company Secretary Nominated Adviser and Joint Broker
Office: + 44 (0)20 7796 8644 Office: +44 (0)20 7260 1000
Ciska Kloppers Ross Allister/David McKeown
Questco Corporate Advisory Proprietary Limited Peel Hunt LLP
JSE Sponsor Joint Broker
Office: + 27 (0)11 011 9200 Office: +44 (0)20 7418 8900
Julian Gwillim Thomas Rider/Neil Elliot
Aprio Strategic Communications BMO Capital Markets Limited
Public & Investor Relations SA Joint Broker
Office: +27 (0)11 880 0037 Office: +44 (0)20 7236 1010
Bobby Morse/Chris Judd Website: www.panafricanresources.com
Buchanan
Public and Investor Relations UK
Office: +44 (0)20 7466 5000
paf@buchanan.uk.com
Date: 31-01-2020 08:59:00
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