Pan African Resources Plc

Trading Statement

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”)


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

The US$/ZAR exchange rate affects the translation of ZAR results into US$. The average US$/ZAR exchange rate is used for this translation.

During the year ended 30 June 2021 (“Reporting Period”), the average US$/ZAR exchange rate was US$/ZAR:15.40 (2020: US$/ZAR:15.67), and the closing US$/ZAR exchange rate at 30 June 2021 was US$/ZAR:14.28 (2020: US$/ZAR:17.33).

The year-on-year change in the average and closing exchange rates of 1.7% and 17.6%, 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 (2020: 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 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 reported on by the Company’s auditors. The Group’s audited results for the year ended 30 June 2021 will be released on 15 September 2021.


8 September 2021

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

Contact 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
[email protected]
Registered Office
Suite 31
Second Floor
107 Cheapside
United Kingdom
Office: + 44 (0)20 7796 8644
Cobus Loots 
Pan African Resources PLC 
Chief Executive Officer 
Office: + 27 (0)11 243 2900 
Deon Louw
Pan African Resources PLC
Financial Director
Office: + 27 (0)11 243 2900
Phil Dexter/Jane Kirton
St James's Corporate Services Limited
Company Secretary
Office: + 44 (0)20 7796 8644
Ross Allister/David McKeown
Peel Hunt LLP
Nominated Adviser and Joint Broker
Office: +44 (0)20 7418 8900
Ciska Kloppers
Questco Corporate Advisory Proprietary Limited
JSE Sponsor
Office: + 27 (0)11 011 9200
Thomas Rider/Nick Macann
BMO Capital Markets Limited
Joint Broker
Office: +44 (0)20 7236 1010
Hethen Hira
Pan African Resources PLC
Head: Investor Relations
Tel: + 27 (0)11 243 2900
E-mail: [email protected]