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

 
TIDMPAF 
 
Pan African Resources PLC                 Pan African Resources Funding 
(Incorporated and registered in England   Company Limited 
and Wales under the Companies Act 1985    Incorporated in the Republic of 
with registered number 3937466 on 25      South Africa with limited 
February 2000)                            liability 
Share code on AIM: PAF                    Registration number: 2012/021237/ 
Share code on JSE: PAN                    06 
ISIN: GB0004300496                        Alpha code: PARI 
ADR ticker code: PAFRY 
("Pan African" or the "Company" or the 
"Group") 
 
 (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                              Registered office 
The Firs Office Building                      2nd Floor 
2nd Floor, Office 204                         107 Cheapside 
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]                                [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/David McKeown 
St James's Corporate Services Limited         Peel Hunt LLP 
Office: + 44 (0)20 7796 8644                  Office: [phone] 
 
JSE Sponsor and JSE debt 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 
                                              Office: [phone] 
 
 
 
END 
 
 

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February 10, 2023 04:00 ET (09:00 GMT)