Wrap Text
Group Trading Statement for the six months ended 31 December 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$) and South African rand (ZAR))
GROUP TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (CURRENT REPORTING PERIOD)
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty
exists that the financial results for the period to be reported on next, will differ by at least 20% from
those of the six months ended 31 December 2023 (corresponding reporting period).
Pan African's presentation currency is the US$ 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:17.95 (2023:
US$/ZAR:18.69), and the closing US$/ZAR exchange rate as at 31 December 2024 was US$/ZAR:18.87
(2023: US$/ZAR:18.30).
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 31 December 2024 was 1,929,379,410 shares (2023: 1,916,503,988 shares).
Pan African advises shareholders that its earnings per share (EPS) are expected to be between US 2.24
cents per share and US 2.46 cents per share, compared to US 2.13 cents per share for the
corresponding reporting period (as restated), an increase of between 5% and 15% (an increase of
between 1% and 11% from the previously reported US 2.22 cents per share EPS for the corresponding
reporting period). Headline earnings per share (HEPS) for the current reporting period are expected to
be between US 1.09 cents per share and US 1.31 cents per share, compared to US 2.13 cents per share
for the corresponding reporting period (restated), a decrease of between 38% and 49% (a decrease of
between 41% and 51% from the previously reported US 2.22 cents per share HEPS for the
corresponding reporting period).
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 Tennant
Consolidated Mining Group (TCMG) transaction (as announced on 5 November 2024). This gain is
excluded from HEPS.
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 Mogale
Gold Proprietary Limited and Mintails SA Soweto Cluster Proprietary Limited. Further details of the
restatement will be included in the Group's results for the six months ended 31 December 2024
(interim results).
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 12 February 2025.
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
10 February 2025
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
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 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 Limited BMO Capital Markets Limited
Office: + 27 (0)63 482 3802 Office: +44 (0)20 7236 1010
Joint Broker
Matthew Armitt/Jennifer Lee
Joh. Berenberg, Gossler & Co KG (Berenberg)
Office: +44 (0)20 3207 7800
3
Date: 10-02-2025 11:30:00
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