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Pan African Resources Plc - Trading Statement

Pan African Resources PLC

(Incorporated and registered in and under Companies Act 1985 with registered number 3937466 on )EnglandWales25 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 YEAR ENDED (REPORTING PERIOD)30 JUNE 2020

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 previous corresponding period.

Pan African’s presentation currency is the United States Dollar (US$). All Group subsidiaries are incorporated in and their functional currency is South African Rand (ZAR). The Group’s business is conducted in ZAR and the accounting records are maintained in the same currency, except precious metal product sales, which are conducted in US$ prior to conversion into ZAR.South Africa

The US$/ZAR exchange rate affects the reporting of results in US$. The average US$/ZAR exchange rate is used in translating ZAR results into US$.

During the Reporting Period, the average US$/ZAR exchange rate was US$/ZAR:15.67 (2019: US$/ZAR:14.19), and the closing US$/ZAR exchange rate at was US$/ZAR:17.33 (2019: US$/ZAR:14.08).30 June 2020

The year-on-year change in the average and closing exchange rates of 10.4% and 23.1%, respectively, must be considered when comparing period-on-period results. The weighted average number of outstanding shares remained unchanged at 1,928.3 million shares (2019: 1,928.3 million shares).

Pan African advises shareholders that its headline earnings per share (HEPS) and earnings per share (EPS), in respect of its operations for the current Reporting Period, are expected to be as follows:

The considerable improvement in EPS and HEPS are primarily due to the following:

The financial information contained in this announcement has neither been reviewed nor audited by the Company’s auditors. The Group’s audited results for the year ended will be released on .30 June 202016 September 2020

Rosebank

1 September 2020

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

www.panafricanresources.com

--  HEPS of between US  per share and US  per share
        compared to US  per share for the previous corresponding
        period, being an increase of between 87% and 97% respectively for the
        Reporting Period.2.23 cents2.35 cents1.19 cents
--  EPS of between US  per share and US  per share
        compared to US  per share for the previous corresponding
        period, being an increase of between 12% and 22% respectively for the
        Reporting Period.2.20 cents2.40 cents1.97 cents
--  Gold revenue increased by 25.9% to  (2019: ) predominantly due to an increase in gold sold of 1.3% to
        173,864oz (2019: 171,706oz) and the average US$ gold price received
        increasing by 24.3% to /oz (2019: /oz)
    --  An impairment charge reversal of  (net of tax) for the
        year ended  (2019: ) was excluded from the
        calculation of HEPS. Impairment charges and any subsequent reversal
        thereof, are included in the calculation of EPS.US$273.7 millionUS$217.4
        millionUS$1,574US$1,266US$0.1 millionUS$15.1 million30 June 2020
Contact information

Corporate Office                       Registered Office
               Suite 31
2nd Floor, Office 204                  Second Floor
Cnr. Cradock and Biermann Avenues      107 Cheapside
Rosebank,                  
                           EC2V 6DN
Office: + 27 (0)11 243 2900            United Kingdom
                         Office: + 44 (0)20 7796 8644

                            
              
Chief Executive Officer                Financial Director
Office: + 27 (0)11 243 2900            Office: + 27 (0)11 243 2900

/                Hethen Hira
St James's   
Company Secretary                      Head : Investor Relations
Office: + 44 (0)20 7796 8644           Tel: + 27 (0)11 243 2900
                                       E-mail: 

                         /
                                Nominated Adviser and Joint Broker
                            Office: +44 (0)20 7418 8900
Office: + 27 (0)11 011 9200

/

Joint Broker
Office: +44 (0)20 7236 1010

Website:The Firs Office BuildingJohannesburgLondonSouth Africa[email protected][email protected]www.panafricanresources.comCobus LootsDeon LouwPhil DexterJane KirtonCiska KloppersRoss AllisterDavid McKeownJSE SponsorThomas RiderNeil ElliotPan African Resources PLCPan African Resources PLCCorporate Services LimitedPan African Resources PLCQuestco Corporate Advisory Proprietary Peel Hunt LLP
LimitedBMO Capital Markets Limited

Quick facts: Pan African Resources plc

Price: 19.3

Market: AIM
Market Cap: £372.17 m
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