Pan African Resources (LSE:PAF) reported a 153.8% increase in profit to US$356.9 million for the year ended 30 June 2026, supported by higher gold production and prices, while the group moved from a net debt position to net cash.
Gold production increased 38.6% to 272,310 ounces, while revenue more than doubled to US$1.16 billion. The company attributed the increase to higher production volumes and a rise in the realised gold price.
Net cash generated from operating activities reached US$557 million. The group’s balance sheet moved from net debt of US$150.5 million to net cash of US$185.8 million at the financial year-end.
The board proposed a total dividend of ZAR 1.86 billion for the year, while the company is also pursuing a share buyback programme.
All-in sustaining costs increased 16.7% to US$1,867 per ounce during the period.
Production growth was supported by contributions from Elikhulu, Mogale, Barberton and Evander, alongside the consolidation of Tennant Mines in Australia.
Pan African is progressing several development projects across its South African and Australian operations as part of its strategy to increase production and extend mine lives.
At Barberton, the company is advancing the Royal Sheba project, while development activities at Tennant Creek include the White Devil open pit and the phased Juno and Golden Forty projects.
In South Africa, the group is also progressing the Soweto Cluster tailings retreatment project and the Poplar shallow underground resource at Evander.
These developments are intended to support medium- to long-term production growth, with targets of approximately 100,000 ounces annually at key assets.
The company is increasing exploration activity across its portfolio and pursuing operational cost reductions through greater use of solar power and lower consumption of third-party water.
Safety results showed reductions in lost-time and reportable injury frequency rates. The group’s surface remining operations recorded no lost-time injuries during the year. However, one fatality occurred at an underground operation.
Pan African was also added to the FTSE 250 Index, the JSE Top40 Index and the VanEck GDXJ Gold Miners ETF during the period.
The company operates gold mining and tailings retreatment assets in South Africa and Australia, including Barberton Mines, Evander Mines, Elikhulu, Mogale and Tennant Mines.
Its development strategy focuses on expanding production, extending the operating lives of existing assets and advancing new projects through exploration and capital investment.
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