Pan African Resources (PAF) H1 2025 TU earnings summary

Executive summary

• Completed acquisition of Tennant Consolidated Mining Group, now a wholly owned subsidiary.

• Significant increase in gold production expected for FY2025 and FY2026, driven by new and existing operations.

• Group is now diversified with high-grade underground and high-margin surface operations.

• Ranked third in the Sunday Times Top 100 Companies in 2024 and included in the Van Eck GDX Gold Miners ETF.

Financial highlights

• FY2025 gold production estimated at ~215,000oz, up 16% year-over-year (FY2024: 186,039oz).

• FY2026 production guidance (excluding TCMG Australia) raised to 235,000–250,000oz.

• MTR operation's FY2025 all-in sustaining costs (AISC) estimated below US$1,000/oz.

• Group expects to be materially unhedged by February 2025, benefiting from spot gold prices.

Outlook and guidance

• H1FY2025 production in line with H2FY2024; full-year FY2025 production expected to rise 16% year-over-year.

• FY2026 production to increase further, mainly from MTR and Evander Mines.

• Group anticipates being fully de-geared in 12–18 months at current gold prices.