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Trading statement for the year ended 30 June 2024
Pan African Resources PLC Pan African Resources Funding Company
(Incorporated and registered in England and Wales Limited
under the Companies Act 1985 with registered Incorporated in the Republic of South Africa
number 3937466 on 25 February 2000) with limited liability
Share code on AIM: PAF Registration number: 2012/021237/06
Share code on JSE: PAN Alpha code: PARI
ISIN: GB0004300496
ADR ticker code: PAFRY
('Pan African' or the 'Company' or the 'Group')
(Key features are reported in United States dollar (US$) and South African rand (ZAR))
TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 (CURRENT REPORTING PERIOD)
This announcement contains inside information
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty
exists that the financial results for the current financial year, will differ by at least 20% from those of
the year ended 30 June 2023 (previous reporting period).
Pan African's presentation currency is the US$ and its functional currency is the ZAR. Movements in
the US$/ZAR exchange rate affect the Group's US$ 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 financial year, the average US$/ZAR exchange rate was US$/ZAR:18.71 (2023:
US$/ZAR:17.77), and the closing US$/ZAR exchange rate as at 30 June 2024 was US$/ZAR:18.19 (2023:
US$/ZAR:18.83).
The year-on-year change in the average and closing exchange rates of 5.3% and 3.4%, respectively,
must be considered when comparing period-on-period results. The weighted average number of
outstanding shares as at 30 June 2024 was 1,916,503,988 shares (2023: 1,916,503,988 shares).
Pan African advises shareholders that its headline earnings per share (HEPS) for the current financial
year are expected to be between US 3.99 cents per share and US 4.31 cents per share, compared to
US 3.15 cents per share for the previous reporting period, an increase of between 27% and 37%.
Earnings per share (EPS) for the current reporting period are expected to be between US 3.98 cents
per share and US 4.30 cents per share respectively, compared to US 3.19 cents per share for the
previous reporting period, an increase of between 25% and 35%.
The increases in HEPS and EPS for the current reporting period, relative to the previous reporting
period, are mainly as a result of the following primary factors:
• Revenue increased by 16.8%, mainly due to the increase in gold sold of 4.9% combined with
an increase in the average US$ gold price of 11.3%
The financial information contained in this announcement has neither been reviewed nor audited by
the Company's auditors. The Group's results for the year ended 30 June 2024 will be released on 11
September 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
5 September 2024
For further information on Pan African, please visit the Company's website at
www.panafricanresources.com
Corporate information
Corporate Office Registered Office
The Firs 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 3869 0706
info@paf.co.za info@paf.co.za
Chief Executive Officer Financial Director
Cobus Loots Deon Louw
Office: + 27 (0)11 243 2900 Office: + 27 (0)11 243 2900
Head: Investor Relations Website: www.panafricanresources.com
Hethen Hira
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)11 011 9200
Joint Broker
Matthew Armitt/Jennifer Lee
Joh. Berenberg, Gossler & Co KG
(Berenberg)
Office: +44 (0)20 3207 7800
Date: 05-09-2024 12:30:00
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