TIDMPAF 
 
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 an 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                       Office: + 27 (0) 11 243 2900 
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        BMO Capital Markets Limited 
Limited                                       Joint Broker 
JSE Sponsor                                   Office: +44 (0) 20 7236 1010 
Office: + 27 (0) 11 011 9200 
 
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 
 
 
 
END 
 
 

(END) Dow Jones Newswires

February 08, 2021 02:00 ET (07:00 GMT)

Pan African Resources (LSE:PAF)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Pan African Resources Charts.
Pan African Resources (LSE:PAF)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Pan African Resources Charts.