REG-Pan African Resources Plc: Operational Update for the year ended 30 June 2023

Pan African ResourcesAnnouncement

07/08/2023 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”)

 

OPERATIONAL UPDATE FOR THE YEAR ENDED 30 JUNE 2023 – GOLD PRODUCTION
GUIDANCE AND DEBT REDUCTION ACHIEVED  

Pan African is pleased to provide its stakeholders with a preliminary
operational update for the financial year ended 30 June 2023 (“Reporting
Period”).

KEY FEATURES
* Safety – targeted safety campaigns to further improve the Group’s lost
time injury frequency rate and reportable injury frequency rate. The Group
maintains its industry leading safety performance* Total recordable injury
frequency rate improved to 8.13 per million man hours (2022: 8.95)

* Annual gold production of 175,209oz, achieving the revised guidance
announced in May 2023, with operational breakdown as follows:* Barberton
Mines:    64,586oz
* Barberton Tailings Retreatment Plant (BTRP): 19,875oz
* Elikhulu:     50,573oz
* Evander Mines:     40,175oz

* FY2024 production guidance of between 178,000 and 190,000oz
* Significant reduction in the Group’s net senior debt: * Group net senior
debt declined to US$18.9million (December 2022: US$49.9million)

* The Group’s all-in sustaining costs (AISC) for the Reporting Period is
expected to be between US$1,325/oz and US$1,350/oz, at an average exchange
rate of US$/ZAR: 17.77 for the Reporting Period
 

Pan African CEO Cobus Loots commented:

“Despite the previously flagged challenges experienced at our underground
operations, the Group delivered a robust financial performance for the
Reporting Period.

The continuous operations at our Barberton underground mines and other
improvements are now positively impacting production, with increased
production expected in the year ahead.

We look forward to presenting our 2023 year-end financial results in
September, and to provide further details on developments at our operations
and growth projects, that will improve value creation for our stakeholders.”

 

FINANCIAL RESULTS PRESENTATION, OPERATIONAL AND GROWTH PROJECTS UPDATE

A detailed update on the Group’s operations and production growth projects
will be included in the Company’s annual final results presentation and
FY2023 annual reporting suite, scheduled to be released on 13 September 2023.

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

7 August 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 Second Floor 107 Cheapside 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                                                                                                                                              Nominated Adviser and Joint Broker Ross Allister/David McKeown Peel Hunt LLP Office: +44 (0)20 7418 8900          
  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                                                                                  Joint Broker Thomas Rider/Nick Macann BMO Capital Markets Limited Office: +44 (0)20 7236 1010                     
 JSE Sponsor Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: + 27 (0)11 011 9200                                                                             Joint Broker Matthew Armitt/Jennifer Lee Joh. Berenberg, Gossler & Co KG (Berenberg) Office: +44 (0)20 3207 7800  
 Website: www.panafricanresources.com                                                                                                                                                                                                                                                                

 



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