Wrap Text
Robust gold production expected for the half year ending Dec 2023 and excellent progress made with MTR construction
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")
ROBUST GOLD PRODUCTION EXPECTED FOR THE HALF YEAR ENDING DECEMBER 2023 AND
EXCELLENT PROGRESS MADE WITH THE CONSTRUCTION OF THE MOGALE TAILINGS RETREATMENT
(MTR) PLANT
Pan African is pleased to provide its shareholders and noteholders with an interim production update
and details on construction progress at the MTR Plant. A full operational update covering the first half
of the 2024 financial year, progress with the Group's organic growth projects and ESG initiatives will
be released in January 2024.
GROUP GOLD PRODUCTION FOR SIX MONTHS ENDING DECEMBER 2023 (H1 2024)
• Gold production for the half year is expected to be between 94,000oz to 98,000oz (H1 FY2023:
92,307oz), an increase of between 2% and 6%, respectively
• Operations performing in line or better than anticipated, with half year production forecast as
follows:
o Barberton Mines underground: 37,000oz – 38,000oz (H1 FY2023: 32,022oz). The
implementation of continuous operations at Barberton Mines enabled an increase in
mined tonnages and grades, when compared to the prior period
o Evander Mines underground: 20,000 – 21,000oz (H1 FY2023: 19,173oz). Higher grade ore
from 24 Level at Evander's underground operations and improved conveyor belt
availability contributed to improved gold production. Equipping of the ventilation shaft
for hoisting of waste and production ore from 24 to 26 Levels remains on track for
commissioning during the first quarter of calendar year 2024
o Elikhulu tailings retreatment: 27,000oz – 28,000oz (H1 FY2023: 25,830oz)
o Evander surface sources: 2,000oz (H1 FY2023: 5,270oz)
o Barberton tailings retreatment: 8,000oz – 9,000oz (H1 FY2023: 10,012oz)
• Full year 2024 production guidance increased to a range of 180,000oz to 190,000oz, from the
previously communicated range of 178,000oz to 190,000oz (FY2023: 175,209oz).
MTR PLANT CONSTRUCTION
• As previously communicated, significant progress has been made with the MTR plant at Mogale,
with commissioning on track for the latter half of the 2024 calendar year
o Project construction is progressing on time and capital expenditure is in line with budgets
o Foundations for seven of the nine CIL tanks are now in place and the tower crane's
construction has commenced
o Environmental rehabilitation commenced with a clean up of historical spillages and
pipelines, wetlands remediation and removal of alien vegetation.
Pan African CEO Cobus Loots commented:
"The expected production performance for the half year to December 2023 positions the Group to
deliver excellent results for the full financial year.
The continued momentum with the construction of the MTR plant at the Group's Mintails Project is
again testament to our track record of bringing world class tailings retreatment projects to account.
MTR is expected to commence production at the end of 2024, and will add some 50,000 oz/yr to Group
production, increasing our annual output by some 25%."
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
22 November 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 107 Cheapside
2nd Floor, Office 204 Second Floor
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 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/Bhavesh Patel
St James's Corporate Services Limited Peel Hunt LLP
Office: + 44 (0)20 7796 8644 Office: +44 (0)20 7418 8900
JSE 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 (Berenberg)
Office: +44 (0)20 3207 7800
Date: 22-11-2023 09:00:00
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