Pan African Resources Plc - Group Trading Statement for the six months ended 31 December 2024
Pan African Resources PLC
(Incorporated and registered in England
and Wales under the Companies Act 1985
with registered number 3937466 on 25 Pan African Resources Funding Company February 2000 ) Limited
Share code on AIM: PAF Incorporated in the Republic of South
Africa with limited liability
Share code on JSE: PAN
Registration number: 2012/021237/06
ISIN: GB0004300496
Alpha code: PARI
ADR ticker code: PAFRY
(“Pan African” or the “Company” or the
“Group”)
(Key features are reported in
GROUP TRADING STATEMENT FOR THE SIX MONTHS ENDED
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
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:17.95 (2023: US$/ZAR:18.69), and the closing US$/ZAR exchange rate as at
The year-on-year change in the average and closing exchange rates of 4% and 3%, respectively, must be considered when comparing period-on-period results. The weighted average number of outstanding shares as at
Pan African advises shareholders that its earnings per share (EPS) are expected to be between US
The decrease in HEPS for the current reporting period, relative to the corresponding reporting period (as restated), is attributable to the following:
-- Decrease in gold sold of 18% to 79,926oz (2023: 97,290 (restated)); and
-- The opportunity cost associated with the synthetic forward transaction
of US$17.4 million (2023: US$1.7 million ). The final settlement in terms
of this agreement will be at the end of February 2025 , after which the
Group will fully benefit from the prevailing spot gold price of
approximately US$ 2,860 /oz (ZAR1,690,000 /kg) which is 21% (24% in ZAR
terms) higher compared to the average price of US$2,359 /oz
(ZAR1,361,202 /kg) received in the current reporting period.
Included in EPS in the current reporting period is a gain on acquisition relating to the
The financial information, including the EPS and HEPS, for the corresponding reporting period was restated for prior period errors relating to timing of revenue recognition of gold sales and initial measurement of an environmental rehabilitation obligation in respect of the acquisition of
The Group is also well positioned for much improved production in H2FY25, with a further significant increase in production expected for FY2026.
-- The sub-vertical shaft at Evander underground was fully commissioned
during January 2025
-- Mogale Tailings Retreatment (MTR) production is now fully ramped-up,
ahead of schedule and with final project capital below budget
-- Full year production (48,000oz to 60,000oz) from TCMG in Australia is
expected in FY2026
The financial information contained in this announcement has neither been reviewed nor audited by the Company’s auditors. The Group’s interim results will be released on
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
Rosebank
For further information on Pan African, please visit the Company's website at
___________________________________________________________________________ |Corporate information | |___________________________________________________________________________| |Corporate office |Registered office | | | | |The Firs Office Building |2nd Floor | | | | |2nd Floor, Office 204 |107 Cheapside | | | | |Corner Cradock and Biermann Avenues |London | | | | |Rosebank, Johannesburg |EC2V 6DN | | | | |South Africa |United Kingdom | | | | |Office: + 27 (0)11 243 2900 |Office: + 44 (0)20 3869 0706 | | | | |info@paf.co.za|info@paf.co.za | |______________________________________|____________________________________| |Chief Executive Officer |Financial Director | | | | |Cobus Loots |Marileen Kok | | | | |Office: + 27 (0)11 243 2900 |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 |Nominated Adviser and Joint Broker | | | | |Jane Kirton |Ross Allister/Georgia Langoulant | | | | |St James's Corporate Services Limited |Peel Hunt LLP | | | | |Office: + 44 (0)20 3869 0706 |Office: +44 (0)20 7418 8900 | |______________________________________|____________________________________| |JSE Sponsor |Joint Broker | | | | |Ciska Kloppers |Thomas Rider/Nick Macann | | | | |Questco Corporate Advisory Proprietary|BMO Capital Markets Limited | |Limited | | | |Office: +44 (0)20 7236 1010 | |Office: + 27 (0)63 482 3802 | | |______________________________________|____________________________________| | |Joint Broker | | | | | |Matthew Armitt/Jennifer Lee | | | | | |Joh. Berenberg, Gossler & Co KG | | |(Berenberg) | | | | | |Office: +44 (0)20 3207 7800 | |______________________________________|____________________________________|
