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PAN AFRICAN RESOURCES PLC - Group trading statement for the six months ended 31 December 2023 (current reporting period)

Release Date: 02/02/2024 09:00
Code(s): PAN PARS01 PARS02     PDF:  
Wrap Text
Group trading statement for the six months ended 31 December 2023 (current reporting period)

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))


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
those of the six months ended 31 December 2022 (corresponding reporting period).

Pan African's presentation currency is the US$ and its functional currency is the ZAR. Movements in
the US$/ZAR exchange rate affects the Group's US$ reported results. The average US$/ZAR exchange
rate, that prevailed during the current financial year, is used in translating the Group's ZAR financial
performance into US$.

During the current reporting period, the average US$/ZAR exchange rate was US$/ZAR:18.69 (2022:
US$/ZAR:17.33), and the closing US$/ZAR exchange rate as at 31 December 2023 was US$/ZAR:18.30
(2022: US$/ZAR:17.01).

The year-on-year change in the average and closing exchange rates of 7.8% and 7.6%, respectively,
must be considered when comparing period-on-period results. The weighted average number of
outstanding shares as at 31 December 2023 was 1,916,503,988 shares (2022: 1,916,503,988 shares).

Pan African advises shareholders that its headline earnings per share (HEPS) and earnings per share
(EPS) for the current reporting period are expected to be between US 2.14 cents per share and US 2.30
cents per share, compared to US 1.52 cents per share for the corresponding reporting period, an
increase of between 41% and 51%.

The increases in HEPS and EPS for the current reporting period, relative to the corresponding reporting
period, are largely as a result of a 23.9% increase in revenue to US$193.9 million (2022: US$156.5
million), attributable to the following:
     • gold sold volumes increased by 8.9% to 98,458oz (2022: 90,439oz); and
     • the average US$ gold price received during the current reporting period increased by 13.7% to
US$1,961/oz (2022: US$1,725/oz).

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 2023 will be
released on 14 February 2024.

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.


   2 February 2024

   For further information on Pan African, please visit the Company's website at

Corporate information

Corporate office                                      Registered office
The Firs Building                                     2nd Floor
2nd Floor, Office 204                                 107 Cheapside
Corner 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                              

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:
Hethen Hira
Tel: + 27 (0) 11 243 2900

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: 02-02-2024 09:00:00
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