Production
? Gold production of 175,209oz (2022: 205,688oz), in line with revised guidance
? Increased production outlook for the 2024 financial year – guidance of 178,000oz to
190,000oz
Safety
? As previously announced, a fatal accident occurred at Evander Mines in March 2023, following
1 million fatality-free shifts at the operation prior to the accident
? Improvement in overall safety rates compared to the previous financial year, with a total
recordable injury frequency rate of 7.96 per million man hours for the year (2022: 8.95 per
million man hours)
? Focused initiatives implemented to further enhance safety performance
Costs and cost outlook
? All-in sustaining costs (AISCAPM) for the current financial year of US$1,327/oz, a sub-US$
inflation increase of 3.3% (US$1,284/oz for the financial year ended 30 June
? AISC in line with revised guidance for 2023 of between US$1,325/oz to US$1,350/oz
? AISC of US$1,152/oz (2022: US$1,145/oz) for our lower-cost operations, comprising all
operations, excluding Sheba Mine and Consort Mine, which account for more than 81%
(2022: 87%) of annual production
o Remedial measures implemented to reduce real AISC at high-cost operations (Sheba
and Consort Mines)
? Renewable energy generation and water recycling, together with other initiatives to increase
the Group’s future gold production, are expected to contribute to a decline in future real AISC
? 2024 AISC guidance of US$1,350/oz (assuming an exchange rate of US$/ZAR:18.50)

see & read more on
https://www.panafricanresources.com/wp-content/uploads/2.3-SENS_Jun-2023_Financial-Results-for-the-year-ended-30-June-2023-Short-Form-final.pdf