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

 
TIDMPAF 
 
Pan African Resources     Pan African Resources Funding Company 
PLC 
(Incorporated and         Limited 
registered in England 
and Wales 
under Companies Act 1985  Incorporated in the Republic of South Africa 
with registered 
number 3937466 on 25      with limited liability 
February 2000) 
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                             |Registered Office          | 
|                                             |                           | 
|The Firs Office Building                     |107 Cheapside              | 
|                                             |                           | 
|2nd Floor, Office 204                        |Second Floor               | 
|                                             |                           | 
|Cnr. Cradock and Biermann Avenues            |London                     | 
|                                             |                           | 
|Rosebank, Johannesburg                       |EC2V 6DN                   | 
|                                             |                           | 
|South Africa                                 |United Kingdom             | 
|                                             |                           | 
|Office: + 27 (0)11 243 2900                  |Office: + 44 (0)20 7796    | 
|                                             |8644                       | 
|[e-mail]                               |                           | 
+---------------------------------------------+---------------------------+ 
|Chief Executive Officer                      |Financial Director         | 
|                                             |                           | 
|Cobus Loots                                  |Deon Louw                  | 
|                                             |                           | 
|Office: + 27 (0)11 243                       |Office: + 27 (0)11 243 2900| 
|2900                                         |                           | 
+---------------------------------------------+---------------------------+ 
|Head: Investor Relations                     |Website:                   | 
|                                             |www.panafricanresources.com| 
|Hethen Hira                                  |                           | 
|Tel: + 27 (0)11 243 2900                     |                           | 
|E-mail: [e-mail]                      |                           | 
+---------------------------------------------+---------------------------+ 
|Company Secretary                            |Nominated Adviser and Joint| 
|                                             |Broker                     | 
|Jane Kirton                                  |                           | 
|                                             |Ross Allister/Bhavesh Patel| 
|St James's Corporate Services Limited        |                           | 
|                                             |Peel Hunt LLP              | 
|Office: + 44 (0)20 7796 8644                 |                           | 
|                                             |Office: [phone]| 
+---------------------------------------------+---------------------------+ 
|JSE Sponsor                                  |Joint Broker               | 
|                                             |                           | 
|Ciska Kloppers                               |Thomas Rider/Nick Macann   | 
|                                             |                           | 
|Questco Corporate Advisory Proprietary       |BMO Capital Markets Limited| 
|Limited                                      |                           | 
|                                             |Office: [phone]| 
|Office: + 27 (0)11 011 9200                  |                           | 
+---------------------------------------------+---------------------------+ 
|                                             |Joint Broker               | 
|                                             |                           | 
|                                             |Matthew Armitt/Jennifer Lee| 
|                                             |                           | 
|                                             |Joh. Berenberg, Gossler &  | 
|                                             |Co KG (Berenberg)          | 
|                                             |                           | 
|                                             |Office: [phone]| 
+---------------------------------------------+---------------------------+ 
 
 
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END 
 
 

(END) Dow Jones Newswires

November 22, 2023 02:00 ET (07:00 GMT)