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Setting the Scene for FY23 and Beyond

Based on adjusted EBITDA, Pan African Resources PLC’s performance in H222 was its third best on record and only fractionally (3.8% or ZAR47.8m) below its record level of ZAR1,264.8m in H122. Despite normalised headline earnings per share (HEPS) being slightly below Edison Group's prior expectations, this could be attributed to operating costs that stuck at higher levels than Edison had previously anticipated (in common with much of the global mining industry), which were left unrelieved by only a modest depreciation of the rand versus the US dollar. Pan African is cheap relative to both its historical trading record and its peers. Edison's core (absolute) valuation of the company is 31.30c (26.50p), based on projects either sanctioned or already in production with current price of 18.94p.



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