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Group Trading Statement for the year ended 30 June 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 AIM: PAF Registration number: 2012/021237/06
Share code on JSE: PAN Alpha code: PARI
ISIN: GB0004300496
ADR ticker code: PAFRY
('Pan African' or the 'Company' or the 'Group')
(Key features are reported in United States dollar (US$) and South African rand (ZAR))
GROUP TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2025 (CURRENT REPORTING PERIOD)
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty
exists that the financial results for the period to be reported on next, will differ by at least 20% from
the financial results for the previous corresponding period.
Pan African's presentation currency is the US$ and its functional currencies are the 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$.
During the current reporting period, the average exchange rates was US$/ZAR:18.17 (2024:
US$/ZAR:18.71) for the year and US$/A$:0.65 for the 7 months since the acquisition of Tennant
Consolidated Mining Group (TCMG) (as announced on 5 November 2024 and 12 December 2024). The
closing exchange rates as at 30 June 2025 was US$/ZAR:17.75 (2024: US$/ZAR:18.19) and US$/A$0.66.
The year-on-year change in the average and closing US$/ZAR exchange rates of 2.9% and 2.4%,
respectively, must be considered when comparing period-on-period results. Furthermore, the
comparative information does not include any results for the Australian operations as the TCMG
acquisition was only completed during the current reporting period. The weighted average number of
outstanding shares as at 30 June 2025 was 1,978,937,604 shares (2024: 1,916,503,988 shares).
Pan African advises shareholders that its earnings per share (EPS) is expected to be between US 6.95
cents per share and US 7.37 cents per share, compared to EPS of US 4.14 cents per share for the year
ended 30 June 2024 (corresponding reporting period), an increase of between 68% and 78%,
respectively. Headline earnings per share (HEPS) for the current reporting period is expected to be
between US 5.68 cents per share and US 6.10 cents per share, compared to HEPS of US 4.15 cents per
share for the corresponding reporting period, an increase of between 37% and 47%, respectively.
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 44.5%, as a result of the following:
• an increase of 35.7% in the average US$ gold price received to US$2,735/oz (2024: US$2,015);
and
• an increase in gold sold of 6.5% to 196,926oz (2024: 184,885oz).
Included in EPS in the current reporting period is a gain on acquisition relating to the TCMG transaction.
This gain is excluded from HEPS in the current reporting period and is the primary reason for the
difference between EPS and HEPS.
In the current reporting period, 105,004 oz of gold sales were subject to hedging transactions, and did
not benefit fully from prevailing gold prices. The synthetic forward transaction, entered into to fund a
portion of the MTR operation construction, resulted in an opportunity cost of US$26.2 million, and the
zero cost collars resulted in losses of US$5.8 million, negatively impacting profits by approximately
23%. The Group is fully unhedged from 1 July 2025 and as a result will benefit from prevailing record
gold prices.
Group production is further expected to increase for the year ending 30 June 2026 to between
275,000oz and 292,000oz, largely attributable to the contribution from the Group's new MTR
operation and Tennant Mines.
The financial information contained in this announcement has neither been reviewed nor audited by
the Company's auditors. The Group's results for the year ended 30 June 2025 will be released on
10 September 2025.
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
4 September 2025
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 Nominated Adviser and 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 Limited BMO Capital Markets Limited
Office: + 27 (0) 63 482 3802 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: 04-09-2025 09:15:00
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