Pan African Resources Plc Operational Update for the year ended 30 June 2023
07 Agosto 2023 - 1:00AM
UK Regulatory
TIDMPAF
Pan African Resources PLCPan African Resources Funding Company
(Incorporated and registered in England and Wales Limited
under 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: PAFRegistration number: 2012/021237/06
Share code on JSE: PANAlpha code: PARI
ISIN: GB0004300496
ADR code: PAFRY
("Pan African" or "the Company" or "the Group")
OPERATIONAL UPDATE FOR THE YEAR ENDED 30 JUNE 2023 - GOLD PRODUCTION GUIDANCE
AND DEBT REDUCTION ACHIEVED
Pan African is pleased to provide its stakeholders with a preliminary
operational update for the financial year ended 30 June 2023 ("Reporting
Period").
KEY FEATURES
· Safety - targeted safety campaigns to further improve the Group's lost time
injury frequency rate and reportable injury frequency rate. The Group maintains
its industry leading safety performance
· Total recordable injury frequency rate improved to 8.13 per million man
hours (2022: 8.95)
· Annual gold production of 175,209oz, achieving the revised guidance
announced in May 2023, with operational breakdown as follows:
· Barberton Mines:64,586oz
· Barberton Tailings Retreatment Plant (BTRP):19,875oz
· Elikhulu:50,573oz
· Evander Mines:40,175oz
· FY2024 production guidance of between 178,000 and 190,000oz
· Significant reduction in the Group's net senior debt:
· Group net senior debt declined to US$18.9million (December 2022:
US$49.9million)
· The Group's all-in sustaining costs (AISC) for the Reporting Period is
expected to be between US$1,325/oz and US$1,350/oz, at an average exchange rate
of US$/ZAR: 17.77 for the Reporting Period
Pan African CEO Cobus Loots commented:
"Despite the previously flagged challenges experienced at our underground
operations, the Group delivered a robust financial performance for the Reporting
Period.
The continuous operations at our Barberton underground mines and other
improvements are now positively impacting production, with increased production
expected in the year ahead.
We look forward to presenting our 2023 year-end financial results in September,
and to provide further details on developments at our operations and growth
projects, that will improve value creation for our stakeholders."
FINANCIAL RESULTS PRESENTATION, OPERATIONAL AND GROWTH PROJECTS UPDATE
A detailed update on the Group's operations and production growth projects will
be included in the Company's annual final results presentation and FY2023 annual
reporting suite, scheduled to be released on 13 September 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 ('RIS'), this inside information is now
considered to be in the public domain.
Rosebank
7 August 2023
For further information on Pan African Resources, please visit the Company's
website at
www.panafricanresources.com
+---------------------------------------------+---------------------+
|Corporate information |
+---------------------------------------------+---------------------+
|Corporate Office |Registered Office |
| | |
|The Firs Office Building |Second 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 |
| |7796 8644 |
|info@paf.co.za | |
+---------------------------------------------+---------------------+
|Chief Executive Officer |Financial Director |
| | |
|Cobus Loots |Deon Louw |
| | |
|Office: + 27 (0)11 243 |Office: + 27 (0)11 |
|2900 |243 2900 |
+---------------------------------------------+---------------------+
|Head: Investor Relations |Nominated Adviser and|
| |Joint Broker |
|Hethen Hira | |
|Tel: + 27 (0)11 243 2900 |Ross Allister/David |
|E-mail: hhira@paf.co.za |McKeown |
| | |
| |Peel Hunt LLP |
| | |
| |Office: +44 (0)20 |
| |7418 8900 |
+---------------------------------------------+---------------------+
|Company Secretary |Joint Broker |
| | |
|Jane Kirton |Thomas Rider/Nick |
| |Macann |
|St James's Corporate Services Limited | |
| |BMO Capital Markets |
|Office: + 44 (0)20 7796 8644 |Limited |
| | |
| |Office: +44 (0)20 |
| |7236 1010 |
+---------------------------------------------+---------------------+
|JSE Sponsor |Joint Broker |
| | |
|Ciska Kloppers |Matthew |
| |Armitt/Jennifer Lee |
|Questco Corporate Advisory Proprietary | |
|Limited |Joh. Berenberg, |
| |Gossler & Co KG |
|Office: + 27 (0)11 011 9200 |(Berenberg) |
| | |
| |Office: +44 (0)20 |
| |3207 7800 |
+---------------------------------------------+---------------------+
|Website: www.panafricanresources.com | |
+---------------------------------------------+---------------------+
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END
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