PAN AFRICAN RESOURCES PLC - Updated trading statement for the six months ended 31 December 2015

Updated trading statement for the six months ended 31 December 2015

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

UPDATED TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2015

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
percent from those of the previous corresponding period. In the event that the
listed company does not have reasonable certainty to provide guidance in terms
of a specific percentage and number, or a range thereof (with the said range
not exceeding 20%), the listed company may provide only a minimum percentage
and number difference in the anticipated financial results, together with
relevant information available at the time.

Shareholders are referred to the original trading statement and group net debt
announcement dated 26 November 2015.

Pan African is incorporated in England and Wales under the Companies Act 1985
and accordingly its presentation currency is Pounds Sterling (“GBP”).

The average ZAR/GBP exchange rates affect the reporting of results in GBP. For
the six month interim reporting period ended 31 December 2015 (“current
interim reporting period”), the average prevailing ZAR/GBP exchange rate is
used to translate earnings per share (“EPS”) and headline earnings per share
(“HEPS”) from ZAR to GBP. In the current interim reporting period the average
ZAR/GBP exchange rate was ZAR20.83:1 (31 December 2014: ZAR17.87:1). The
period-on-period change in the average exchange rate of 16.6% must
be taken into account for the purposes of translating and comparing
period-on-period results.

Pan African advises shareholders that the Group EPS and HEPS for the current
interim reporting period denominated in GBP are expected to be between:

1) 0.57 pence and 0.63 pence (being 84 percent to 104 percent) higher than
   the 0.31 pence HEPS for the prior interim reporting period.

2) 0.57 pence and 0.63 pence (being 90 percent to 110 percent) higher than
   the 0.30 pence EPS for the prior interim reporting period.


EPS and HEPS, calculated in ZAR, are expected to be between:

1) 11.89 cents and 13.02 cents (being 112 percent to 132 percent) higher
   than the 5.61 cents HEPS for the prior interim reporting period.


2) 11.87 cents and 12.95 cents (being 119 percent to 139 percent) higher
   than the 5.42 cents EPS for the prior interim reporting period.

Production Summary


Operation             Unit             2015                2014         %

Barberton Mines      (Gold oz)       56,447              52,942       6.6

Evander Mines        (Gold oz)       45,350              33,733      34.4

Phoenix Platinum     (PGE oz)         4,493               4,711      (4.6)

Total                (oz)           106,290              91,386      16.3


The financial information contained in this trading statement has neither been
reviewed nor audited by the Company’s auditors. Pan African anticipates that
it will release its unaudited interim results for the period ended
31 December 2015 on or about 23 February 2016.

For further information on Pan African, please visit the Company’s website at
www.panafricanresources.com

8 February 2016


Contact Details

Corporate Office
The Firs Office Building
1st Floor, Office 101
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office:   + 27 (0) 11 243 2900
Facsimile: + 27 (0) 11 880 1240

Registered Office
Suite 31
Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom

Office:   + 44 (0) 207 796 8644
Facsimile: + 44 (0) 207 796 8645

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                                  John Prior / Paul Gillam
St James's Corporate Services Limited        Numis Securities Limited
Company Secretary                            Nominated Adviser and Joint Broker
Office: + 44 (0)207 796 8644                 Office: + 44 (0)20 7260 1000

Sholto Simpson                               Matthew Armitt / Ross Allister
One Capital                                  Peel Hunt LLP
JSE Sponsor                                  Joint Broker
Office: + 27 (0)11 550 5009                  Office: + 44 (0)020 7418 8900

Julian Gwillim                               Daniel Thöle/ Richard Crowley/
                                             Aarti Iyer
Aprio Strategic Communications               Bell Pottinger
Public & Investor Relations SA               Public & Investor Relations UK
Office: + 27 (0)11 880 0037                  Office: + 44 (0)203 772 2500


www.panafricanresources.com

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