Pan African Resources PLC
        

(Incorporated and registered in England
and Wales under the Companies Act 1985
with registered number 3937466 on 25
February 2000)                            Pan African Resources Funding Company
                                          Limited
Share code on LSE: PAF
                                          Incorporated in the Republic of South
Share code on JSE: PAN                    Africa with limited liability

Share code on ASX: PAF                    Registration number: 2012/021237/06

ISIN: GB0004300496                        Alpha code: PARI

ADR ticker code: PAFRY

(Pan African or the Company or the Group)

GROUP TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2026

In terms of the JSE Listings Requirements, issuers are required to publish a trading statement as soon as they are reasonably certain that the results for the period to be reported upon next will differ by at least 20% from the most recent published results for the previous corresponding period.

 

Shareholders and noteholders are advised that the Company has a reasonable degree of certainty that:

 

    --   earnings per share (EPS) for the year ended 30 June 2026 (current
        reporting period or FY26) is expected to be between US   17.24 cents per
        share and US 17.96 cents per share, compared to EPS of US 7.16 cents per
        share for the year ended 30 June 2025 (corresponding reporting period or
        FY25), an increase of between 141% and 151%, respectively.
    --  headline earnings per share (HEPS) for the current reporting period is
        expected to be between US   17.35 cents per share and US 17.94 cents per
        share, compared to HEPS of US 5.89 cents per share for the corresponding
        reporting period, an increase of between 195% and 205%, respectively.

 

The increase in EPS and HEPS for the current reporting period, relative to the corresponding reporting period, is primarily attributable to an expected increase in revenue, as a result of the following:

 

    --   an increase of 54.8% in the average US$ gold price received to
        US$4,235/oz (FY25: US$2,735/oz)
    --   an increase in gold sold of 38.3% to 272,373oz (FY25: 196,926oz).

 

The Group is expected to achieve full-year all-in sustaining cost (AISC) guidance of US$1,870/oz (at an exchange rate of US$/ZAR:17.00). Other exceptional expenses for the current reporting period relate to an increase in the share-based payment liability of approximately US$40 million, arising from the appreciation in the share price of the Company over the period.

 

Group production is further expected to increase for the year ending 30 June 2027 to between 280,000oz and 302,000oz, largely attributable to increased production from Tennant Mines.

Pan African's presentation currency is the United States dollar (US$), while its functional currencies are the South African rand   (ZAR) and Australian dollar (A$). Movements in the US$/ZAR and the US$/A$ exchange rates affect the Group's US$ reported results. The average US$/ZAR and US$/A$ exchange rates prevailing during the current reporting period are used to translate the Group's ZAR and A$ financial performance into US$.

 

During the current reporting period, the average exchange rates were US$/ZAR:16.90 (FY25:   US$/ZAR:18.17) and US$/A$:1.47 (FY25: US$/A$:1.54). The closing exchange rates at 30   June   2026 were US$/ZAR:16.46 (FY25: US$/ZAR:17.75) and US$/A$:1.45 (FY25: US$/A$:1.52).

 

The year-on-year movement in the average and closing US$/ZAR exchange rates of 7.0% and 7.3%, and the average and closing US$/A$ rates of 4.5% and 4.6%, respectively, should be considered when comparing year-on-year results. The weighted average number of outstanding shares at 30 June 2026 was 2,029,579,129 (FY25: 1,978,937,605).

 

The financial information contained in this announcement is the responsibility of the board of directors of the Company and has neither been reviewed nor audited by the Company's auditors. The Group's results for the year ended 30 June 2026 will be released on 16   September   2026.

The information contained in 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 the Regulatory Information Service in the UK, Stock Exchange News Service of the JSE and Australian Stock Exchange, this inside information is now considered to be in the public domain.

 

Rosebank

10 September 2026

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

www.panafricanresources.com

 

 Corporate information

 Corporate office

The Firs Building
                                         Registered office
2nd Floor, Office 204
                                        107 Cheapside, 2nd Floor
Corner Cradock and Biermann Avenues
                                        London, EC2V 6DN
Rosebank, Johannesburg
                                        United Kingdom
South Africa
                                        Office: + 44 (0)20 3869 0706
Office: + 27 (0)11 243 2900

 info@paf.co.za

 Chief executive officer                 Financial director and debt officer

Cobus Loots                             Marileen Kok

Office: + 27 (0)11 243 2900             Office: + 27 (0)11 243 2900

 Head: Investor relations

Hethen Hira                             Website:   www.panafricanresources.com
Tel: + 27 (0)11 243 2900
Email:   hhira@paf.co.za

 Company secretary                       Joint broker

Jane Kirton                             Ross Allister/Georgia Langoulant

 St James's Corporate Services Limited   Peel Hunt LLP

Office: + 44 (0)20 3869 0706            Office: +44 (0)20 7418 8900

 JSE sponsor and JSE debt 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)78 286 9556

                                         Joint broker

                                        Matthew Armitt/Jennifer Lee

                                         Joh. Berenberg, Gossler & Co KG
                                        (Berenberg)

                                        Office: +44 (0)20 3207 7800