Pan African Resources (PAF) H1 2026 TU earnings summary

Executive summary

• Gold production increased 51% year-over-year to 128,296oz in H1FY26, with further increases expected in H2FY26, keeping the group on track for full-year guidance of 275,000–292,000oz.

• Substantial balance sheet de-gearing achieved, with net debt reduced by over 65% to US$49.9m, and full de-gearing expected by February 2026.

• Interim dividend of ZA12 cents per share proposed, reflecting strong financial performance and cash generation.

Financial highlights

• Net debt reduced from US$150.5m in June 2025 to US$49.9m by December 2025.

• All-in sustaining cost (AISC) for H1FY26 expected at US$1,825–US$1,875/oz, above full-year guidance due to currency and cost pressures.

• Record final dividend paid in December 2025, with another interim dividend proposed.

Outlook and guidance

• Full-year gold production guidance maintained at 275,000–292,000oz.

• Increased H2FY26 production expected to reduce unit costs.

• Definitive Feasibility Study for Soweto Cluster Project to be completed by June 2026, with construction decision soon after.