Pan African Resources Plc - Operational Update for the year ended 30 June 2023

PR Newswire

Pan African Resources PLC    Pan 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: PAF     Registration number: 2012/021237/06

Share code on JSE: PAN     Alpha 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

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

Second Floor

107 Cheapside

London

EC2V 6DN

United Kingdom

Office: + 44 (0)20 7796 8644

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

Nominated Adviser and Joint Broker

Ross Allister/David McKeown

Peel Hunt LLP

Office: +44 (0)20 7418 8900

Company Secretary

Jane Kirton

St James's Corporate Services Limited

Office: + 44 (0)20 7796 8644

Joint Broker

Thomas Rider/Nick Macann

BMO Capital Markets Limited

Office: +44 (0)20 7236 1010

JSE Sponsor

Ciska Kloppers

Questco Corporate Advisory Proprietary Limited

Office: + 27 (0)11 011 9200

Joint Broker

Matthew Armitt/Jennifer Lee

Joh. Berenberg, Gossler & Co KG (Berenberg)

Office: +44 (0)20 3207 7800

Website: www.panafricanresources.com