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Trading statement for the six months ended 31 December 2022 (current reporting period)
Pan African Resources PLC Pan African Resources Funding Company
(Incorporated and registered in England and Wales Limited
under the Companies Act 1985 with registered Incorporated in the Republic of South Africa
number 3937466 on 25 February 2000) with limited liability
Share code on AIM: PAF Registration number: 2012/021237/06
Share code on JSE: PAN Alpha code: PARI
ISIN: GB0004300496
ADR ticker code: PAFRY
(“Pan African” or the “Company” or the “Group”)
(Key features are reported in United States dollar (US$) and South African rand (ZAR))
TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2022 (CURRENT REPORTING PERIOD)
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty
exists that the financial results for the period to be reported upon next, will differ by at least 20% from
those of the six months ended 31 December 2021 (Corresponding Reporting Period).
Pan African’s presentation currency is the United States dollar (US$). The US$/ZAR exchange rate
affects the reporting of the Group’s results in US$. The average US$/ZAR exchange rate is used in
translating ZAR financial performance into US$.
During the Current Reporting Period, the average US$/ZAR exchange rate was US$/ZAR:17.33 (2021:
US$/ZAR:15.04), and the closing US$/ZAR exchange rate as at 31 December 2022 was US$/ZAR:17.01
(2021: US$/ZAR:16.00).
The year-on-year change in the average and closing exchange rates of 15.2% and 6.3%, respectively,
must be considered when comparing period-on-period results. The weighted average number of
outstanding shares as at 31 December 2022 was 1,916,503,988 shares (2021: 1,928,329,479 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 1.40 cents per share and US
1.64 cents per share, compared to US 2.39 cents per share for the Corresponding Reporting Period, a
decrease of between 31% and 41%.
The decreases in EPS and HEPS for the Current Reporting Period, relative to the Corresponding
Reporting Period, are largely as a result of an 19.2% decrease in gold revenue to US$156.5 million
(2021: US$193.6 million), attributable to the following:
• gold sold decreased by 15.6% to 90,439oz (2021: 107,142oz), following record production
achieved in the comparative period, and
• the average US$ gold price received decreased by 4.4% to US$1,725/oz (2021: US$1,804/oz).
The financial information contained in this announcement has neither been reviewed nor audited by
the Company’s auditors. The Group’s interim results for the six months ended 31 December 2022 will
be released on 15 February 2023.
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
1
UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service, this inside information is now considered to be in
the public domain.
Rosebank
10 February 2023
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 2nd Floor
2nd Floor, Office 204 107 Cheapside
Cnr. 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 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
Jane Kirton Ross Allister/David McKeown
St James's Corporate Services Limited Peel Hunt LLP
Office: + 44 (0)20 7796 8644 Office: +44 (0)20 7418 8900
JSE Sponsor and JSE debt 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
Joint broker
Matthew Armitt/Jennifer Lee
Joh. Berenberg, Gossler & Co KG
Office: +44 (0)20 3207 7800
Date: 10-02-2023 11:00:00
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