REG-Pan African Resources Plc: Trading Statement

Pan African ResourcesAnnouncement

02/02/2024 07:15

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))

GROUP TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2023 (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 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.

 

Rosebank

2 February 2024

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 2nd 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                                                                                                                                                                                                            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 (https://www.google.co.za/search?q=questco&rlz=1C1EJFC_enZA816ZA818&oq=questco&aqs=chrome..69i57j0l5.1159j0j4&sourceid=chrome&ie=UTF-8)  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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