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”)
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Pan
African Resources Funding Company Limited
Incorporated
in the Republic of South Africa with limited liability
Registration
number: 2012/021237/06
Alpha
code: PARI
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(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
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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
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Registered
office
2nd
Floor
107
Cheapside
London
EC2V
6DN
United
Kingdom
Office: +
44 (0) 20 7796 8644
info@paf.co.za
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Chief
executive officer
Cobus
Loots
Office: +
27 (0) 11 243 2900
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Financial
director
Deon
Louw
Office: +
27 (0) 11 243 2900
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Head:
Investor relations
Hethen
Hira
Tel: + 27
(0) 11 243 2900
E-mail:
hhira@paf.co.za
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Website:
www.panafricanresources.com
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Company
secretary
Jane
Kirton
St
James's Corporate Services Limited
Office: +
44 (0) 20 7796 8644
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Nominated
adviser and joint broker
Ross
Allister/Bhavesh Patel
Peel
Hunt LLP
Office:
+44 (0) 20 7418 8900
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JSE
sponsor
Ciska
Kloppers
Questco
Corporate Advisory Proprietary Limited
Office: +
27 (0)
11 011 9200
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Joint
broker
Thomas
Rider/Nick Macann
BMO
Capital Markets Limited
Office:
+44 (0) 20 7236 1010
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Joint
broker
Matthew
Armitt/Jennifer Lee
Joh.
Berenberg, Gossler & Co KG (Berenberg)
Office:
+44 (0) 20 3207 7800
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