PAN AFRICAN RESOURCES PLC

Earnings Release • Feb 10, 2023

National Storage Mechanism | Additional information

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

PR Newswire

London, February 9

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 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 The Firs Office Building 2nd Floor, Office 204 Cnr. Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0)11 243 2900 info@paf.co.za	Registered office 2nd Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0)20 7796 8644 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 Tel: + 27 (0)11 243 2900 E-mail: hhira@paf.co.za	Website: www.panafricanresources.com
Company secretary Jane Kirton St James's Corporate Services Limited Office: + 44 (0)20 7796 8644	Nominated adviser and joint broker Ross Allister/David McKeown Peel Hunt LLP Office: +44 (0)20 7418 8900
JSE Sponsor and JSE debt 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 Office: +44 (0)20 3207 7800