Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN) told investors that earnings for the year ended 30 June are expected to rise sharply, driven by higher gold prices and increased sales volumes.
The miner, in a trading statement ahead of reporting the results later this month, said it expects to report earnings per share of between 6.95 and 7.37 US cents, up 68% to 78% from a year earlier.
Headline earnings per share are expected between 5.68 and 6.10 US cents, reflecting a 37% to 47% increase.
PAF anticipates a 44.5% rise in revenue, due to a 35.7% increase in the average gold price to US$2,735 per ounce and a 6.5% rise in gold sold to 196,926 ounces.
The company noted that 105,004 ounces of sales were hedged during the year, but confirmed it was fully unhedged since July.