Precious Metals and Mining
Pan African Resources is a gold producer with underground and low-cost surface-retreatment operations in South Africa and a growing Australian platform at Tennant Creek. Its strategy combines mature cash-generative mines with projects intended to increase production and mine life.
Underground gold mining at Barberton and Evander, tailings retreatment at Elikhulu and Mogale, and developing and expanding gold operations and exploration assets at Tennant Creek in Australia.
Gold is sold into the global bullion market, while operations are concentrated in South Africa with an expanding production and exploration presence in Australia's Northern Territory.
Gold prices, production volumes and grades, recoveries, ramp-up of Mogale and Tennant Mines, rand-dollar exchange rates, energy and reagent costs, capital-project delivery and exploration success.
Gold-price volatility, mining and geological risk, South African power and labour issues, cost inflation, safety and environmental liabilities, major-project execution, currency movements and expanding capital expenditure.
1 June 2026: Pan African forecast record FY2026 production of about 275,000oz, around 40% higher year on year, and moved to a projected net-cash position. FY2027 guidance is 280,000-302,000oz at AISC of US$2,075-2,175/oz; the Emmerson Resources acquisition was implemented on 1 July, expanding the Tennant Creek growth platform.
Cash returns have increased as production and cash generation improved. Pan African introduced an interim dividend in 2026: 12.0 South African cents per share, equivalent to about 0.54745p, ex-dividend 12 March and paid 17 March. Future dividends remain sensitive to gold prices, exchange rates, capex and cash generation.
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