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Trading Statement and operational update
Pan African Resources PLC
("Pan African" or the “Group” or the "Company")
(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
20 August 2013
TRADING STATEMENT AND OPERATIONAL UPDATE
Pan African predicts increased earnings for full year results to 30 June 2013
In terms of paragraph 3.4(b) of the Listings Requirements of 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 per cent from those of the
previous corresponding period.
Pan African is incorporated in England and Wales, and its reporting currency is pounds sterling (“GBP”)
whilst all its subsidiaries are incorporated in South Africa and their functional and reporting currency is
South African Rand (“ZAR”) as their primary operational economic environment is within South Africa.
The annual average ZAR: GBP exchange rates affect results. For the current financial year, the average
prevailing ZAR: GBP exchange rate of 13.84:1 (2012: 12.27:1) was used to translate earnings per share
(“EPS”) and headline earnings per share (“HEPS”) from ZAR to GBP. This 12.80% year-on-year change in
the average exchange rate should be taken into account for the purposes of comparison with the prior
year.
Trading Statement
Pan African is pleased to advise shareholders that:
- EPS for the financial year ended 30 June 2013, calculated in ZAR, is expected to be between 34
per cent and 44 per cent higher than the 24.83 cents per share generated for the financial year
ended 30 June 2012.
- EPS denominated in GBP is expected to be between 25 per cent and 35 per cent higher than the
2.02 pence per share generated for the financial year ended 30 June 2012.
- HEPS for the financial year ended 30 June 2013, calculated in ZAR, is expected to be between 16
per cent and 26 per cent higher than the 24.89 cents per share reported for the financial year
ended 30 June 2012.
- HEPS denominated in GBP is expected to be between 3 per cent and 13 per cent higher than the
2.03 pence per share reported for the financial year ended 30 June 2012.
Based on preliminary analysis, EPS and HEPS is expected to differ for the current year due to the bargain
purchase consideration relating to the acquisition of the Evander Gold Mines Limited (“Evander”)
(calculated in accordance with the provisional purchase price allocation exercise (“PPA”) pursuant to
IFRS3) and impairment charges, arising from the impairments of the Company’s Phoenix Platinum Mining
(Pty) Limited (“Phoenix”) and Auroch Minerals NL investments, which are adjusted for when calculating
the HEPS. The PPA valued the assets and liabilities of Evander at their respective fair values in relation to
Evander’s net asset value. The net adjustment amount between HEPS and EPS is expected to be
approximately ZAR 70.0 million (GBP 5.1 million). The impairments arose as a result of, inter alia, lower
precious metal price forecasts and exploration and mining challenges in the current depressed mining
environment.
The financial information contained in this trading statement has neither been reviewed nor audited by
the Company`s auditors. Pan African is currently finalising its audited results for the year ended 30 June
2013, which is anticipated to be released on 17 September 2013.
Operational Update
Production at Barberton Gold Mines Operations (“BGMO”) improved over the last six months, compared
to the first six months of the financial year ended 30 June 2013. This resulted in total gold production at
BGMO increasing to 96 296 ounces for the financial year ended 30 June 2013, compared to 94 449
ounces produced for the financial year ended 30 June 2012.
Pan African completed the acquisition of Evander on the 28 February 2013. The mine contributed 34 197
ounces of gold to the Group for the 4 months ended 30 June 2013, bringing total Group gold production
for the year to 130 493 ounces.
Production commenced at the Barberton Tailings Retreatment Plant, achieving its first gold pour on 28
June 2013.
Phoenix produced 6 480 ounces 6PGE for the financial year ended 30 June 2013. Production remains
constrained due to the supply of oxide tailings by ferrochrome producer International Ferro Metals Limited.
Ron Holding, Joint Interim CEO of Pan African commented: “These achievements demonstrate the
company’s ability to continue to successfully deliver a strong operational performance, despite a tough
mining environment.”
Enquiries
South Africa UK
Pan African Canaccord Genuity Limited – Nomad and Joint Broker
Ron Holding or Cobus Loots, Joint Interim CEO’s Andrew Chubb/ Peter Stewart/ Joe Weaving
+27 (0) 11 243 2900 +44 (0) 20 7523 8350
One Capital - Sponsor finnCap Limited – Joint Broker
Sholto Simpson Elizabeth Johnson / Joanna Weaving
+27 (0) 11 550 5000 +44 (0) 20 7220 0500
Vestor Investor Relations St James’s Corporate Services Limited
Louise Brugman Phil Dexter
+27 (0) 11 787 3015 +44 (0) 20 7499 3916
Gable Communications
Justine James
+44 (0) 20 7193 7463 / +44 (0) 7525 324431
For further information on Pan African, please visit the website at www.panafricanresources.com
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