Pan African Resources (PAF) H2 2026 earnings summary

Executive summary

• Achieved record annual gold production of 272,310oz, up nearly 40% year-over-year, annualizing to almost 300,000oz, with revenue up 114% to $1,156.5m and strong performance across all operations.

• Balance sheet fully de-geared, ending with a net cash position of $185.7m and cash/short-term investments of $246.2m.

• Proposed record total dividend of ZAR 1,864m (up 114%), plus a share buy-back program.

• Completed acquisition of Emmerson Resources, consolidating Australian operations and securing ASX listing.

• Maintained industry-leading safety performance, with surface operations achieving zero lost time injuries, though one fatal accident was reported.

Financial highlights

• Adjusted EBITDA rose 169% to $609.4m; net profit up 154% to $356.9m; headline EPS up 199.5% to 17.64 US cents.

• Cash flow from operations up 260% to $557.0m; net cash position of $185.7m at year-end.

• All-in sustaining cost (AISC) increased 16.7% to $1,867/oz, within guidance despite inflationary pressures.

• Average gold price received rose 55% to $4,235/oz.

• Proposed record dividend of ZAR 0.65 per share, plus maiden interim dividend, totaling ZAR 0.77 per share, and a $30 million share buyback program approved.

Outlook and guidance

• FY27 gold production guidance set at 280,000–302,000oz, with higher output expected in H2 due to operational sequencing.

• FY27 AISC guidance between $2,075/oz and $2,175/oz, reflecting input cost inflation and FX assumptions.

• Capital expenditure guidance for FY27 is approximately $330 million, focused on growth, mine life extension, and efficiency improvements.

• Renewable energy mix targeted to reach 15% by FY27 and over 70% by FY30.

• Focus on sustaining production growth, advancing capital projects, and expanding ESG initiatives.