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
|
|