Pan African Resources Plc Interim Production Update for half year ending 31 December 2023
November 22 2023 - 2:00AM
UK Regulatory
TIDMPAF
Pan African Resources Pan African Resources Funding Company
PLC
(Incorporated and Limited
registered in England
and Wales
under Companies Act 1985 Incorporated in the Republic of South Africa
with registered
number 3937466 on 25 with limited liability
February 2000)
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")
ROBUST GOLD PRODUCTION EXPECTED FOR THE HALF YEAR ENDING DECEMBER 2023 AND
EXCELLENT PROGRESS MADE WITH THE CONSTRUCTION OF THE MOGALE TAILINGS RETREATMENT
(MTR) PLANT
Pan African is pleased to provide its shareholders and noteholders with an
interim production update and details on construction progress at the MTR Plant.
A full operational update covering the first half of the 2024 financial year,
progress with the Group's organic growth projects and ESG initiatives will be
released in January 2024.
GROUP GOLD PRODUCTION FOR SIX MONTHS ENDING DECEMBER 2023 (H1 2024)
· Gold production for the half year is expected to be between 94,000oz to
98,000oz (H1 FY2023: 92,307oz), an increase of between 2% and 6%, respectively
· Operations performing in line or better than anticipated, with half year
production forecast as follows:
· Barberton Mines underground: 37,000oz - 38,000oz (H1 FY2023: 32,022oz).
The implementation of continuous operations at Barberton Mines enabled an
increase in mined tonnages and grades, when compared to the prior period
· Evander Mines underground: 20,000 - 21,000oz (H1 FY2023: 19,173oz). Higher
grade ore from 24 Level at Evander's underground operations and improved
conveyor belt availability contributed to improved gold production. Equipping of
the ventilation shaft for hoisting of waste and production ore from 24 to 26
Levels remains on track for commissioning during the first quarter of calendar
year 2024
· Elikhulu tailings retreatment: 27,000oz - 28,000oz (H1 FY2023: 25,830oz)
· Evander surface sources: 2,000oz (H1 FY2023: 5,270oz)
· Barberton tailings retreatment: 8,000oz - 9,000oz (H1 FY2023: 10,012oz)
· Full year 2024 production guidance increased to a range of 180,000oz to
190,000oz, from the previously communicated range of 178,000oz to 190,000oz
(FY2023: 175,209oz).
MTR PLANT CONSTRUCTION
· As previously communicated, significant progress has been made with the MTR
plant at Mogale, with commissioning on track for the latter half of the 2024
calendar year
· Project construction is progressing on time and capital expenditure is in
line with budgets
· Foundations for seven of the nine CIL tanks are now in place and the tower
crane's construction has commenced
· Environmental rehabilitation commenced with a clean up of historical
spillages and pipelines, wetlands remediation and removal of alien vegetation.
Pan African CEO Cobus Loots commented:
"The expected production performance for the half year to December 2023
positions the Group to deliver excellent results for the full financial year.
The continued momentum with the construction of the MTR plant at the Group's
Mintails Project is again testament to our track record of bringing world class
tailings retreatment projects to account. MTR is expected to commence production
at the end of 2024, and will add some 50,000 oz/yr to Group production,
increasing our annual output by some 25%."
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
22 November 2023
For further information on Pan African Resources, please visit the Company's
website at
www.panafricanresources.com
+---------------------------------------------+---------------------------+
|Corporate information |
+---------------------------------------------+---------------------------+
|Corporate Office |Registered Office |
| | |
|The Firs Office Building |107 Cheapside |
| | |
|2nd Floor, Office 204 |Second Floor |
| | |
|Cnr. Cradock and Biermann Avenues |London |
| | |
|Rosebank, Johannesburg |EC2V 6DN |
| | |
|South Africa |United Kingdom |
| | |
|Office: + 27 (0)11 243 2900 |Office: + 44 (0)20 7796 |
| |8644 |
|info@paf.co.za | |
+---------------------------------------------+---------------------------+
|Chief Executive Officer |Financial Director |
| | |
|Cobus Loots |Deon Louw |
| | |
|Office: + 27 (0)11 243 |Office: + 27 (0)11 243 2900|
|2900 | |
+---------------------------------------------+---------------------------+
|Head: Investor Relations |Website: |
| |www.panafricanresources.com|
|Hethen Hira | |
|Tel: + 27 (0)11 243 2900 | |
|E-mail: hhira@paf.co.za | |
+---------------------------------------------+---------------------------+
|Company Secretary |Nominated Adviser and Joint|
| |Broker |
|Jane Kirton | |
| |Ross Allister/Bhavesh Patel|
|St James's Corporate Services Limited | |
| |Peel Hunt LLP |
|Office: + 44 (0)20 7796 8644 | |
| |Office: +44 (0)20 7418 8900|
+---------------------------------------------+---------------------------+
|JSE Sponsor |Joint Broker |
| | |
|Ciska Kloppers |Thomas Rider/Nick Macann |
| | |
|Questco Corporate Advisory Proprietary |BMO Capital Markets Limited|
|Limited | |
| |Office: +44 (0)20 7236 1010|
|Office: + 27 (0)11 011 9200 | |
+---------------------------------------------+---------------------------+
| |Joint Broker |
| | |
| |Matthew Armitt/Jennifer Lee|
| | |
| |Joh. Berenberg, Gossler & |
| |Co KG (Berenberg) |
| | |
| |Office: +44 (0)20 3207 7800|
+---------------------------------------------+---------------------------+
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