REG-Pan African Resources Plc: Trading Statement for 6 months ended 31 Dec 2022

Pan African ResourcesAnnouncement

10/02/2023 09:15

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))

TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2022 (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 upon next, will differ by at least 20%
from those of the six months ended 31 December 2021 (Corresponding Reporting
Period).

Pan African’s presentation currency is the United States dollar (US$). The
US$/ZAR exchange rate affects the reporting of the Group’s results in US$.
The average US$/ZAR exchange rate is used in translating ZAR financial
performance into US$.

During the Current Reporting Period, the average US$/ZAR exchange rate was
US$/ZAR:17.33 (2021: US$/ZAR:15.04), and the closing US$/ZAR exchange rate as
at 31 December 2022 was US$/ZAR:17.01 (2021: US$/ZAR:16.00).

The year-on-year change in the average and closing exchange rates of 15.2% and
6.3%, respectively, must be considered when comparing period-on-period
results. The weighted average number of outstanding shares as at 31 December
2022 was 1,916,503,988 shares (2021: 1,928,329,479 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 1.40 cents per share and US 1.64 cents per share, compared to US
2.39 cents per share for the Corresponding Reporting Period, a decrease of
between 31% and 41%.

The decreases in EPS and HEPS for the Current Reporting Period, relative to
the Corresponding Reporting Period, are largely as a result of an 19.2%
decrease in gold revenue to US$156.5 million (2021: US$193.6 million),
attributable to the following:
* gold sold decreased by 15.6% to 90,439oz (2021: 107,142oz), following record
production achieved in the comparative period, and
* the average US$ gold price received decreased by 4.4% to US$1,725/oz (2021:
US$1,804/oz).
The financial information contained in this announcement has neither been
reviewed nor audited by the Company’s auditors. The Group’s interim
results for the six months ended 31 December 2022 will be released on 15
February 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, this inside information is
now considered to be in the public domain.

Rosebank

10 February 2023

For further information on Pan African, 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 2 (nd)Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0)20 7796 8644 info@paf.co.za  
 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 Tel: + 27 (0)11 243 2900 E-mail: hhira@paf.co.za                                                                                             Website: www.panafricanresources.com                                                                                    
 Company secretary Jane Kirton  St James's Corporate Services Limited Office: + 44 (0)20 7796 8644                                                                                 Nominated adviser and joint broker Ross Allister/David McKeown  Peel Hunt LLP Office: +44 (0)20 7418 8900               
 JSE Sponsor and JSE debt 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  Office: +44 (0)20 3207 7800                  



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