REG-Pan African Resources Plc: Trading Statement for the year ended 30 June 2024 (Current Reporting Period)

Pan African ResourcesAnnouncement

05/09/2024 11:45

Pan African Resources PLC (Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 3937466 on 25 February 2000) Share code on AIM: PAF Share code on JSE: PAN ISIN: GB0004300496 ADR ticker code: PAFRY (‘Pan African’ or the ‘Company’ or the ‘Group’)              Pan African Resources Funding Company Limited Incorporated in the Republic of South Africa with limited liability Registration number: 2012/021237/06 Alpha code: PARI  

 (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 The Firs Building 2 nd Floor, Office 204 Cnr. Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0)11 243 2900 info@paf.co.za  Registered Office 2 nd Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0)20 3869 0706 info@paf.co.za  
 Chief Executive Officer  Cobus Loots  Office: + 27 (0)11 243 2900                                                                                                           Financial Director Deon Louw 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 Jane Kirton St James's Corporate Services Limited Office: + 44 (0)20 3869 0706                                                                            Nominated Adviser and Joint Broker Ross Allister/Georgia Langoulant Peel Hunt LLP Office: +44 (0)20 7418 8900          
 JSE Sponsor Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: + 27 (0)11 011 9200                                                                       Joint Broker Thomas Rider/Nick Macann BMO Capital Markets Limited Office: +44 (0)20 7236 1010                          
                                                                                                                                                                             Joint Broker Matthew Armitt/Jennifer Lee Joh. Berenberg, Gossler & Co KG (Berenberg) Office: +44 (0)20 3207 7800       

 

 



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