PAN AFRICAN RESOURCES PLC - Trading statement for the six months ended 31 December 2020

Trading statement for the six months ended 31 December 2020

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)


TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2020 (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 2019 (Corresponding Reporting Period).

Pan African’s presentation currency is the United States dollar (US$). All Group subsidiaries are
incorporated in South Africa and their functional currency is the South African rand (ZAR). The Group’s
business is conducted in ZAR and the accounting records are maintained in the same currency, except
precious metal product sales, which are conducted in US$ prior to conversion into ZAR.
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:16.26 (2019:
US$/ZAR:14.70), and the closing US$/ZAR exchange rate as at 31 December 2020 was US$/ZAR:14.70
(2019: US$/ZAR:14.08).

The year-on-year change in the average and closing exchange rates of 10.6% and 4.4%, respectively,
must be considered when comparing period-on-period results. The weighted average number of
outstanding shares remained unchanged at 1,928,329,479 shares (2019: 1,928,329,479 shares) during
the Current Reporting Period.

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 as follows:

    •   HEPS of between US 2.05 cents per share and US 2.17 cents per share compared to US 1.13
        cents per share for the Corresponding Reporting Period, being an increase of between 81%
        and 92%, respectively.

    •   EPS of between US 2.05 cents per share and US 2.17 cents per share compared to US 1.14
        cents per share for the Corresponding Reporting Period, being an increase of between 80%
        and 90%, respectively.


The increases in EPS and HEPS for the Current Reporting Period, relative to the Corresponding
Reporting Period, are largely as a result of a 38.4% increase in gold revenue to US$183.8 million (2019:
US$132.8 million), attributable to the following:
       •    the average US$ gold price received increased by 27.4% to US$1,865/oz (2019: US$1,464/oz);
            and
       •    gold sold increased by 8.6% to 98,386oz (2019: 90,602oz).



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 2020 will
be released on 16 February 2021.



   Rosebank

   8 February 2021

   For further information on Pan African, please visit the Company's website at

   www.panafricanresources.com




Contact information

Corporate Office                                      Registered Office

The Firs Office Building                              Suite 31

2nd Floor, Office 204                                 Second Floor

Corner Cradock and Biermann Avenues                   107 Cheapside

Rosebank, Johannesburg                                London

South Africa                                          EC2V 6DN

Office: + 27 (0) 11 243 2900                          United Kingdom

info@paf.co.za                                        Office: + 44 (0) 20 7796 8644

Cobus Loots                                           Deon Louw

Pan African Resources PLC                             Pan African Resources PLC

Chief executive officer                               Financial director

Office: + 27 (0) 11 243 2900                          Office: + 27 (0) 11 243 2900

Phil Dexter/Jane Kirton                               Ross Allister/David McKeown

St James's Corporate Services Limited                 Peel Hunt LLP

Company secretary                                     Nominated Adviser and Joint Broker

Office: + 44 (0) 20 7796 8644                         Office: +44 (0) 20 7418 8900
Ciska Kloppers                                   Thomas Rider/Nick Macann

Questco Corporate Advisory Proprietary Limited   BMO Capital Markets Limited

JSE Sponsor                                      Joint Broker

Office: + 27 (0) 11 011 9200                     Office: +44 (0) 20 7236 1010

Hethen Hira                                      Website: www.panafricanresources.com
Pan African Resources PLC

Head: Investor relations
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za

Date: 08-02-2021 08:59:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.