Wrap Text
Group Trading Statement for the year ended 30 June 2026
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 LSE: PAF Registration number: 2012/021237/06
Share code on JSE: PAN Alpha code: PARI
Share code on ASX: PAF
ISIN: GB0004300496
ADR ticker code: PAFRY
(Pan African or the Company or the Group)
GROUP TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2026
In terms of the JSE Listings Requirements, issuers are required to publish a trading statement as soon as
they are reasonably certain that the results for the period to be reported upon next will differ by at least 20%
from the most recent published results for the previous corresponding period.
Shareholders and noteholders are advised that the Company has a reasonable degree of certainty that:
• earnings per share (EPS) for the year ended 30 June 2026 (current reporting period or FY26) is
expected to be between US 17.24 cents per share and US 17.96 cents per share, compared to EPS
of US 7.16 cents per share for the year ended 30 June 2025 (corresponding reporting period or FY25),
an increase of between 141% and 151%, respectively.
• headline earnings per share (HEPS) for the current reporting period is expected to be between
US 17.35 cents per share and US 17.94 cents per share, compared to HEPS of US 5.89 cents per
share for the corresponding reporting period, an increase of between 195% and 205%, respectively.
The increase in EPS and HEPS for the current reporting period, relative to the corresponding reporting
period, is primarily attributable to an expected increase in revenue, as a result of the following:
• an increase of 54.8% in the average US$ gold price received to US$4,235/oz (FY25: US$2,735/oz)
• an increase in gold sold of 38.3% to 272,373oz (FY25: 196,926oz).
The Group is expected to achieve full-year all-in sustaining cost (AISC) guidance of US$1,870/oz (at an
exchange rate of US$/ZAR:17.00). Other exceptional expenses for the current reporting period relate to an
increase in the share-based payment liability of approximately US$40 million, arising from the appreciation
in the share price of the Company over the period.
Group production is further expected to increase for the year ending 30 June 2027 to between 280,000oz
and 302,000oz, largely attributable to increased production from Tennant Mines.
Pan African’s presentation currency is the United States dollar (US$), while its functional currencies are the
South African rand (ZAR) and Australian dollar (A$). Movements in the US$/ZAR and the US$/A$ exchange
rates affect the Group’s US$ reported results. The average US$/ZAR and US$/A$ exchange rates prevailing
during the current reporting period are used to translate the Group’s ZAR and A$ financial performance into
US$.
During the current reporting period, the average exchange rates were US$/ZAR:16.90
(FY25: US$/ZAR:18.17) and US$/A$:1.47 (FY25: US$/A$:1.54). The closing exchange rates at
30 June 2026 were US$/ZAR:16.46 (FY25: US$/ZAR:17.75) and US$/A$:1.45 (FY25: US$/A$:1.52).
The year-on-year movement in the average and closing US$/ZAR exchange rates of 7.0% and 7.3%, and
the average and closing US$/A$ rates of 4.5% and 4.6%, respectively, should be considered when
comparing year-on-year results. The weighted average number of outstanding shares at 30 June 2026 was
2,029,579,129 (FY25: 1,978,937,605).
The financial information contained in this announcement is the responsibility of the board of directors of
the Company and has neither been reviewed nor audited by the Company’s auditors. The Group’s results
for the year ended 30 June 2026 will be released on 16 September 2026.
The information contained in 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 the
Regulatory Information Service in the UK, Stock Exchange News Service of the JSE and Australian Stock
Exchange, this inside information is now considered to be in the public domain.
Rosebank
10 September 2026
For further information on Pan African, please visit the Company's website at
www.panafricanresources.com
Corporate information
Corporate office Registered office
The Firs Building 107 Cheapside, 2nd Floor
2nd Floor, Office 204 London, EC2V 6DN
Corner Cradock and Biermann Avenues United Kingdom
Rosebank, Johannesburg Office: + 44 (0)20 3869 0706
South Africa jane.kirton@corpserv.co.uk
Office: + 27 (0)11 243 2900
info@paf.co.za
Chief executive officer Financial director and debt officer
Cobus Loots Marileen Kok
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
Email: hhira@paf.co.za
Company secretary Joint broker
Jane Kirton Ross Allister/Georgia Langoulant
St James's Corporate Services Limited Peel Hunt LLP
Office: + 44 (0)20 3869 0706 Office: +44 (0)20 7418 8900
JSE sponsor and JSE debt sponsor Joint broker
Ciska Kloppers Thomas Rider/Nick Macann
Questco Corporate Advisory Proprietary BMO Capital Markets Limited
Limited Office: +44 (0)20 7236 1010
Office: + 27 (0)78 286 9556
Joint broker
Matthew Armitt/Jennifer Lee
Joh. Berenberg, Gossler & Co KG
(Berenberg)
Office: +44 (0)20 3207 7800
Date: 10/09/2026 08:00:00
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