Pan African Resources (PAF) H2 2026 TU earnings summary

Executive summary

• EPS for FY26 expected between US 17.24c and US 17.96c, up 141%-151% year-over-year from FY25.

• HEPS for FY26 expected between US 17.35c and US 17.94c, up 195%-205% year-over-year.

• Growth driven by higher gold prices and increased gold sales volume.

Financial highlights

• Average gold price received rose 54.8% to US$4,235/oz (FY25: US$2,735/oz).

• Gold sold increased 38.3% to 272,373oz (FY25: 196,926oz).

• All-in sustaining cost (AISC) guidance achieved at US$1,870/oz.

• Share-based payment liability increased by approx. US$40 million due to share price appreciation.

Outlook and guidance

• FY27 production expected to rise to 280,000–302,000oz, mainly from Tennant Mines.