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Group Trading Statement for the six months ended 31 December 2025
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
ISIN: GB0004300496
ADR ticker code: PAFRY
("Pan African Resources" or the "Company" or the
"Group")
GROUP TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (CURRENT REPORTING PERIOD)
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 on next, will differ by at least 20% from the financial results for
the previous corresponding period.
Pan African's presentation currency is the United States dollar (US$) and its functional currencies are the
South African rand (ZAR) and Australian Dollar (A$). 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, that
prevailed during the current reporting period, are used in translating the Group's ZAR and A$ financial
performance into US$.
During the current reporting period, the average exchange rates were US$/ZAR:17.37 (2024:
US$/ZAR:17.95) and US$/A$:1.52 (2024:US$/A$:1.52). The closing exchange rates as at
31 December 2025 were US$/ZAR:16.57 (2024: US$/ZAR:18.87) and US$/A$1.50 (2024: US$/A$:1.61).
The period-on-period movement in the average and closing US$/ZAR exchange rates of 3.2% and 12.2%,
respectively, should be considered when comparing period-on-period results. The weighted average
number of outstanding shares as at 31 December 2025 was 2,027,345,177 shares (2024: 1,929,379,411
shares).
Pan African advises shareholders that its earnings per share (EPS) is expected to be between US 7.18
cents per share and US 7.43 cents per share, compared to EPS of US 2.50 cents per share for the six-
month period ended 31 December 2024 (corresponding reporting period) (as restated), an increase of
between 187% and 197%, respectively. Headline earnings per share (HEPS) for the current reporting period
is expected to be between US 7.28 cents per share and US 7.40 cents per share, compared to HEPS of
US 1.20 cents per share for the corresponding reporting period, an increase of between 507% and 517%,
respectively. The previously published EPS for the corresponding reporting period of US 2.35 cents per
share has been restated (as disclosed above). The restatement arose from the acquisition of Tennant
Consolidated Mining Group Proprietary Limited initially being accounted for on a provisional basis. The
accounting was finalised by 30 June 2025, and the provisional amounts recognised as at 31 December 2024
have been restated to reflect the resulting measurement period adjustments.
The increase in EPS and HEPS for the current reporting period, relative to the corresponding reporting
period, is primarily attributable to an increase in revenue of 157.3%, as a result of the following:
• an increase of 61.6% in the average US$ gold price received to US$3,812/oz (2024: US$2,359); and
• an increase in gold produced of 51.5% to 128,296oz (2024: 84,705oz).
Group production is expected to increase further during the second half of the financial year ending 30 June
2026, largely attributable to increased production from the MTR expansion project and from Tennant Mines,
with full year production guidance of 275,000oz to 292,000oz.
The financial information contained in this announcement has neither been reviewed nor audited by the
Company's auditors. The Group's results for the six months ended 31 December 2025 will be released on
18 February 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
Regulatory Information Service ('RIS') and SENS, this inside information is now considered to be in the
public domain.
Rosebank
11 February 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
E-mail: 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 & 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) 63 482 3802
Joint Broker
Matthew Armitt/Jennifer Lee
Joh. Berenberg, Gossler & Co KG
(Berenberg)
Office: +44 (0)20 3207 7800
Date: 11-02-2026 09:00:00
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