REG-Pan African Resources Plc: Group Trading Statement for the year ended 30 June 2025 (current reporting period)

Pan African ResourcesAnnouncement

04/09/2025 08:00

Pan African Resources PLC (Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 3937466 on 25 February 2000) Share code on AIM: PAF Share code on JSE: PAN ISIN: GB0004300496 ADR ticker code: PAFRY (‘Pan African’ or the ‘Company’ or the ‘Group’)              Pan African Resources Funding Company Limited Incorporated in the Republic of South Africa with limited liability Registration number: 2012/021237/06 Alpha code: PARI  

(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 The Firs Building 2nd Floor, Office 204 Corner Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0)11 243 2900 info@paf.co.za  Registered Office 107 Cheapside, 2 nd Floor London, EC2V 6DN United Kingdom Office: + 44 (0)20 3869 0706 jane.kirton@corpserv.co.uk  
 Chief Executive Officer  Cobus Loots  Office: + 27 (0)11 243 2900                                                                                                            Financial Director and debt officer Marileen Kok Office: + 27 (0)11 243 2900                                                         
 Head: Investor Relations Hethen Hira                                                                                                                                         Website: www.panafricanresources.com                                                                                                 
  Tel: + 27 (0)11 243 2900                                                                                                                                                                                                                                                                                         
  E-mail: hhira@paf.co.za                                                                                                                                                                                                                                                                                          
 Company Secretary Jane Kirton St James's Corporate Services Limited Office: + 44 (0)20 3869 0706                                                                             Nominated Adviser and Joint Broker Ross Allister/Georgia Langoulant Peel Hunt LLP Office: +44 (0)20 7418 8900                        
 JSE Sponsor & JSE Debt Sponsor Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: + 27 (0) 63 482 3802                                                    Joint Broker Thomas Rider/Nick Macann BMO Capital Markets Limited Office: +44 (0)20 7236 1010                                        
                                                                                                                                                                              Joint Broker Matthew Armitt/Jennifer Lee Joh. Berenberg, Gossler & Co KG (Berenberg) Office: +44 (0)20 3207 7800                     

 



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