PAN AFRICAN RESOURCES PLC - Operational update for the year ended 30 June 2023 gold production guidance and debt reduction achieved

Operational update for the year ended 30 June 2023 – gold production guidance and debt reduction achieved

Pan African Resources PLC                               Pan African Resources Funding Company
(Incorporated and registered in England and Wales       Limited
under 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 code: PAFRY
(“Pan African” or “the Company” or “the Group”)


OPERATIONAL UPDATE FOR THE YEAR ENDED 30 JUNE 2023 – GOLD PRODUCTION GUIDANCE AND
DEBT REDUCTION ACHIEVED

Pan African is pleased to provide its stakeholders with a preliminary operational update for the
financial year ended 30 June 2023 (“Reporting Period”).

KEY FEATURES

    •   Safety – targeted safety campaigns to further improve the Group’s lost time injury frequency
        rate and reportable injury frequency rate. The Group maintains its industry leading safety
        performance
            o Total recordable injury frequency rate improved to 8.13 per million man hours (2022:
                 8.95)
    •   Annual gold production of 175,209oz, achieving the revised guidance announced in May 2023,
        with operational breakdown as follows:
            o Barberton Mines:                                    64,586oz
            o Barberton Tailings Retreatment Plant (BTRP):        19,875oz
            o Elikhulu:                                           50,573oz
            o Evander Mines:                                      40,175oz
    •   FY2024 production guidance of between 178,000 and 190,000oz
    •   Significant reduction in the Group’s net senior debt:
            o Group net senior debt declined to US$18.9million (December 2022: US$49.9million)
    •   The Group’s all-in sustaining costs (AISC) for the Reporting Period is expected to be between
        US$1,325/oz and US$1,350/oz, at an average exchange rate of US$/ZAR: 17.77 for the
        Reporting Period

Pan African CEO Cobus Loots commented:

“Despite the previously flagged challenges experienced at our underground operations, the Group
delivered a robust financial performance for the Reporting Period.

The continuous operations at our Barberton underground mines and other improvements are now
positively impacting production, with increased production expected in the year ahead.

We look forward to presenting our 2023 year-end financial results in September, and to provide further
details on developments at our operations and growth projects, that will improve value creation for
our stakeholders.”


FINANCIAL RESULTS PRESENTATION, OPERATIONAL AND GROWTH PROJECTS UPDATE

A detailed update on the Group’s operations and production growth projects will be included in the
Company’s annual final results presentation and FY2023 annual reporting suite, scheduled to be
released on 13 September 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
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

7 August 2023

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

www.panafricanresources.com

 Corporate information

 Corporate Office                                    Registered Office
 The Firs Office Building                            Second 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
 Chief Executive Officer                             Financial Director

 Cobus Loots                                         Deon Louw

 Office: + 27 (0)11 243 2900                         Office: + 27 (0)11 243 2900

 Head: Investor Relations                            Nominated Adviser and Joint Broker
 Hethen Hira                                         Ross Allister/David McKeown
 Tel: + 27 (0)11 243 2900
 E-mail: hhira@paf.co.za                             Peel Hunt LLP

                                                     Office: +44 (0)20 7418 8900

 Company Secretary                                   Joint Broker

 Jane Kirton                                         Thomas Rider/Nick Macann

 St James's Corporate Services Limited               BMO Capital Markets Limited

 Office: + 44 (0)20 7796 8644                        Office: +44 (0)20 7236 1010

 JSE Sponsor                                         Joint Broker

 Ciska Kloppers                                      Matthew Armitt/Jennifer Lee

 Questco Corporate Advisory Proprietary Limited      Joh. Berenberg, Gossler & Co KG (Berenberg)

 Office: + 27 (0)11 011 9200                         Office: +44 (0)20 3207 7800

 Website: www.panafricanresources.com

Date: 07-08-2023 08:00:00
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