REG-Pan African Resources Plc: Interim Production Update for half year ending 31 December 2023

Pan African ResourcesAnnouncement

22/11/2023 07:15

Pan African Resources PLC                          Pan African Resources Funding Company         
 (Incorporated and registered in England and Wales  Limited                                       
 under 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 code: PAFRY                                                                                  

(“Pan African” or “the Company” or “the Group”)

 

ROBUST GOLD PRODUCTION EXPECTED FOR THE HALF YEAR ENDING DECEMBER 2023 AND
EXCELLENT PROGRESS MADE WITH THE CONSTRUCTION OF THE MOGALE TAILINGS
RETREATMENT (MTR) PLANT

Pan African is pleased to provide its shareholders and noteholders with an
interim production update and details on construction progress at the MTR
Plant. A full operational update covering the first half of the 2024 financial
year, progress with the Group’s organic growth projects and ESG initiatives
will be released in January 2024.

GROUP GOLD PRODUCTION FOR SIX MONTHS ENDING DECEMBER 2023 (H1 2024)
* Gold production for the half year is expected to be between 94,000oz to
98,000oz (H1 FY2023: 92,307oz), an increase of between 2% and 6%, respectively
* Operations performing in line or better than anticipated, with half year
production forecast as follows:	* Barberton Mines underground: 37,000oz –
38,000oz (H1 FY2023: 32,022oz). The implementation of continuous operations at
Barberton Mines enabled an increase in mined tonnages and grades, when
compared to the prior period
* Evander Mines underground: 20,000 – 21,000oz (H1 FY2023: 19,173oz). Higher
grade ore from 24 Level at Evander’s underground operations and improved
conveyor belt availability contributed to improved gold production. Equipping
of the ventilation shaft for hoisting of waste and production ore from 24 to
26 Levels remains on track for commissioning during the first quarter of
calendar year 2024
* Elikhulu tailings retreatment: 27,000oz – 28,000oz (H1 FY2023: 25,830oz)
* Evander surface sources: 2,000oz (H1 FY2023: 5,270oz)
* Barberton tailings retreatment: 8,000oz – 9,000oz (H1 FY2023: 10,012oz)
	
* Full year 2024 production guidance increased to a range of 180,000oz to
190,000oz, from the previously communicated range of 178,000oz to 190,000oz
(FY2023: 175,209oz).
 

MTR PLANT CONSTRUCTION
* As previously communicated, significant progress has been made with the MTR
plant at Mogale, with commissioning on track for the latter half of the 2024
calendar year	* Project construction is progressing on time and capital
expenditure is in line with budgets
* Foundations for seven of the nine CIL tanks are now in place and the tower
crane’s construction has commenced
* Environmental rehabilitation commenced with a clean up of historical
spillages and pipelines, wetlands remediation and removal of alien vegetation.
 

Pan African CEO Cobus Loots commented:

“The expected production performance for the half year to December 2023
positions the Group to deliver excellent results for the full financial year.
 

The continued momentum with the construction of the MTR plant at the Group’s
Mintails Project is again testament to our track record of bringing world
class tailings retreatment projects to account. MTR is expected to commence
production at the end of 2024, and will add some 50,000 oz/yr to Group
production, increasing our annual output by some 25%.”

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.

Rosebank

22 November 2023

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

www.panafricanresources.com

 Corporate information                                                                                                                                                                                                                                                                               
 Corporate Office The Firs Office Building 2nd Floor, Office 204 Cnr. Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0)11 243 2900 info@paf.co.za  Registered Office 107 Cheapside Second Floor London EC2V 6DN United Kingdom Office: + 44 (0)20 7796 8644          
 Chief Executive Officer  Cobus Loots  Office: + 27 (0)11 243 2900                                                                                                                 Financial Director Deon Louw 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 7796 8644                                                                                  Nominated Adviser and Joint Broker Ross Allister/Bhavesh Patel Peel Hunt LLP Office: +44 (0)20 7418 8900          
 JSE Sponsor Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: + 27 (0)11 011 9200                                                                             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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